Universal Express Sues Capitalliance Financial Services LLC, Union Commercial LLC and Others for $269 Million for Fraud, False Documents and Misrepresentation 10/5/2005 8:00:07 AM NEW YORK, Oct 05, 2005 (BUSINESS WIRE) -- Universal Express Inc.'s ( USXP ), General Counsel, Chris Gunderson announced that the Company has filed a $269 million lawsuit against Capitalliance Financial Services LLC, Union Commercial LLC, Mel Derutledge and numerous other corporate and individual defendants, for fraud, false documents and misrepresentation, in connection with various schemes against Universal Express, its subsidiaries and others.
"These defendants have engaged in a long term pattern of fraud, false documents and misrepresentation to obtain monies and stock from Universal Express and other businesses through various investment schemes and insurance related scams", stated Mr. Gunderson.
"Universal Express has always been diligent in pursuing malefactors, private or governmental, who damage or attempt to damage our businesses or hard-working American businesses", continued Mr. Gunderson.
"We have been singularly successful in the past in pursuing our remedies. For example, Universal Express was successful in obtaining two separate state jury verdicts in Dade County, Florida against defrauders and 'naked shorters' totaling $389 Million and $137 Million, respectively, including punitive damages", noted Mr. Gunderson.
"These judgments, along with post-judgment interest, now total in excess of $700 Million. Let me assure our stockholders that are collection efforts in this regard are in high-gear and despite the time gone by, we remain more optimistic than ever regarding their collectability", concluded Mr. Gunderson.
Any questions concerning this new court action on behalf of Universal Express may be directed to Mr. Gunderson at the Company's New York headquarters in Rockefeller Center at his e-mail cgunderson*usxp.com.
About Universal Express
Universal Express, Inc. is a 22 year old logistics and transportation conglomerate with multiple developing subsidiaries and services. For additional information please visit www.usxp.com.
Safe Harbor Statement under the Private securities Litigation Reform Act of 1995: The statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements including, but not limited to, certain delays beyond the Company's control with respect to market acceptance of new technologies, products and services, delays in testing and evaluation of products and services, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
SOURCE: Universal Express Inc.
Wow. Do you know anything about the merits of the claim? What specifically are they saying those guys did wrong?