A federal jury in Houston awarded $136.8 million in damages in an overseas power plant deal gone bad. The winner, Canatxx Energy Ventures Inc., alleged that its financial adviser for the $1 billion power-generation development project conspired with an affiliate to oust Canatxx from the project. The jury found that GE Capital breached its fiduciary duty to Canatxx, committed constructive fraud, engaged in acts of unfair competition and was part of a conspiracy that damaged Canatxx.
August 17, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A federal jury in Houston awarded $136.8 million in damages in an overseas power plant deal gone bad. The winner, Canatxx Energy Ventures Inc., alleged that its financial adviser for the $1 billion power-generation development project conspired with an affiliate to oust Canatxx from the project.
After a three-week trial, the jury in Canatxx Energy Ventures Inc. v. General Electric Capital Corp. issued its verdict on Aug. 4 in U.S. District Judge Kenneth Hoyt’s courtroom.
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