March 24, 2017
BLF attorneys Richard L. Bazelon, Lisa A. Barton, A. Richard Feldman, and Michael F.R. Harris represented plaintiff Impala Platinum in this action, which asserted claims for fraudulent transfer against the shareholders of a closely-held Pennsylvania corporation.
At the conclusion of a seven-day trial, the jury unanimously reached a verdict against the shareholders and in favor of Impala for constructive fraudulent transfer. The jury found that Impala had incurred damages of $16 million when A-1 transferred assets to or to the benefit of its shareholders at a time when A-1 was insolvent.
In December 2015, Impala had obtained a $200 million arbitration award against A-1 in the London Court of International Arbitration. In April 2016, Impala entered judgment on the arbitration award against A-1 in the United States District Court for the Eastern District of Pennsylvania.
Brenda Berlin, Impala’s CFO, stated “After a challenging and lengthy judicial process, we are pleased to recover some of the money that we believe was unlawfully transferred out of A-1 ahead of our claims, and we feel vindicated by the outcome of the legal process.”