Business Services Industry
Subsidiary Added as Co-Defendant in Civil Action
Business Wire, March 13, 1998
PROVO, Utah--(BUSINESS WIRE)--March 13, 1998--Liberty Mint Ltd. (OTC BB:LIBY) Friday announced that on or about Feb. 13, 1998, Liberty Mint Inc., the operating subsidiary of Liberty Mint Ltd., was added as a co-defendant in a consolidated civil action number H96-2480 in the United States District Court for the Southern District of Texas, Houston Division.
The suit is for an unspecified amount of consequential damage, interest and expenses.
Management has hired the firm of Abrams Scott & Bickley L.L.P. of Houston, to represent Liberty Mint in this case.
Related Results
The lawsuit is in reference to defective gold coins that were subcontracted by Liberty Mint to Johnson Matthey Ltd. for Investors Guaranty Corp. in 1995. The coins were promptly replaced with good coins with no defects.
Liberty Mint hopes to be able to enforce a prior agreement with Investors Guaranty Corp. to dismiss Liberty Mint from the case for their cooperation. Management has requested that Johnson Matthey Ltd. enter into a joint defense agreement for Johnson Matthey to cover all legal expenses of defending Liberty Mint in this case. Management does not expect for this to materially effect the operations of the company.
Liberty Mint Ltd., through its subsidiary Liberty Mint Inc., performs custom minting and develops, manufactures and markets custom and licensed commemoratives and collectibles in both precious and nonprecious metals. Primary products are custom coins, commemoratives and silver sculptures.
CONTACT: Liberty Mint Inc., Provo
Dan Southwick, 801/356-6151
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