Appellate Court Holds VisionChina in Breach of Contract Granting Summary Judgment in Favor of Gobi and Oak Total Damages Could Exceed US$108 million PR Newswire NEW YORK, June 13, 2013 NEW YORK, June 13, 2013 /PRNewswire/ -- The Appellate Division of the New York State Supreme Court has granted partial summary judgment in favor of Gobi Partners and Oak Investment Partners in their breach of contract claims against VisionChina Media Inc. (Nasdaq: VISN) and its subsidiary ("VisionChina"). In the same ruling, the appellate court affirmed the dismissal of VisionChina's claims of fraud and reversed the lower court's grant of a motion to attach $60m in assets. In reaction to this ruling, Thomas J. Kavaler, a partner at Cahill Gordon & Reindel LLP and counsel to Gobi and Oak, stated that, "With this legal victory, plaintiffs now can proceed to collect their judgment of $60 million from VisionChina and also to continue to pursue their other claims." With this grant of partial summary judgment, Gobi and Oak have prevailed on most of the claims in their lawsuit against VisionChina relating to VisionChina's acquisition of a promising digital advertising company called Digital Media Group (DMG), previously owned by Gobi and Oak.Gobi and Oak plan to take all measures to enforce over US$108 million in contractual obligation and damages against VisionChina. SOURCE Gobi Partners, Inc. Contact: Mr. Mark Kuo, +86 21 5292 9729, firstname.lastname@example.org
Appellate Court Holds VisionChina in Breach of Contract Granting Summary Judgment in Favor of Gobi and Oak
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