Lawsuits

Trade Only follows developments in lawsuits that can have a significant effect on companies or sections of the worldwide marine industry.

Couple sentenced for embezzlement at their brokerage

Clay and Teresa Prescott, proprietors of the former ABC Yachts in Sausalito and San Rafael, Calif., were sentenced to eight months in county jail Tuesday for embezzling more than $200,000 from clients at their brokerage. The couple was ordered to surrender June 21 to begin their sentence, as well as to pay restitution, according to…more

Florida brokerage found liable for misrepresentation

A Fort Lauderdale yacht brokerage was found liable for $1.7 million in damages after a Rhode Island man filed suit claiming the 66-foot yacht he bought in 2007 was “unseaworthy.” HMY Yacht Sales, which brokered the $2.3 million sale, was found liable for negligent misrepresentation by a federal jury in Fort Lauderdale last week, The…more

Man alleges test-cruise injuries in lawsuit

A Port St. Lucie, Fla. man filed a lawsuit against two boat dealers and a boat captain for injuries he says occurred during a test cruise. In the lawsuit filed last week, Kevin Cope says he was with two business partners June 27, 2008 on a sea trial of a boat the partners were considering…more

Yacht broker sentenced to prison for tax evasion

A Florida yacht broker was sentenced Friday to two months in prison after pleading guilty to hiding $3.4 million in assets at UBS AG. Robert Moran, who cooperated with prosecutors investigating offshore tax evasion, must also serve one year of probation, including 150 days of house arrest with electronic monitoring, according to reports. The judge…more

Integral Systems ‘making progress’ in resolving lawsuit

Integral Systems announced that a preliminary order was filed approving voluntary dismissal of a shareholder derivative action against the company. The lawsuit was filed July 14 in the U.S. District Court for the District of Maryland. The order included a Notice of Voluntary Dismissal of Derivative Action. The shareholder filing the complaint had submitted a…more

Court: Trust was misused to expand dealership

A Massachusetts judge has ordered a woman to pay in excess of $10 million after finding she improperly used the assets of a family trust to expand a boat dealership owned by her and her husband. Superior Court Judge James R. Lemire ruled that Alice P. Tsourides used real estate owned by New Deal Realty…more

Lund employees plan to appeal court ruling

Plaintiffs in a class-action lawsuit against Lund Boat Company say they plan to appeal a district court ruling saying they were not harmed by the change in vacation policy after the company was sold by Genmar to Brunswick in 2004. The suit was brought by 19 employees, representing more than 200 former and current workers…more

Feds bust major Chesapeake poaching operation

A Virginia waterman was sentenced in U.S. District Court this week to one year and one day in prison, fined $4,000 and ordered to make $40,000 in restitution for his part in the largest striped bass poaching case in Chesapeake Bay history. Thomas Hallock, 48, of Catharpin, Va., was ordered to surrender to marshals May…more

Master Lock loses patent infringement case

A federal jury said Master Lock Co. infringed on patents for receiver lock technology used in towing applications and ordered the company to pay $5.35 million to inventor Philip Wyers, owner of Wyers Products Group Inc. Wyers said the verdict validates his belief that small businesses like his must defend their patent rights, despite the…more

Hell’s Bay reaches settlement in hull-splashing dispute

Hell’s Bay Boatworks has reached an out-of-court settlement with Beavertail Skiffs in regard to the anti-splashing lawsuit it filed last fall against the Minnesota boatbuilder. Though the exact terms of the settlement were not disclosed, Hell’s Bay’s president Chris Peterson said he was pleased with the results of the outcome, which he says included Hell’s…more

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