Arbitrator Awards AAMC $1.6 Million in Arbitration Brought by its Former CEO
January 09 2023 - 10:03AM
Business Wire
Altisource Asset Management Corporation (“AAMC” or the
“Company”) (NYSE: AAMC) announced that the arbitrator awarded the
Company more than $1.6 million in the arbitration brought against
the Company by Indroneel Chatterjee, the Company’s former Chief
Executive Officer. Mr. Chatterjee filed the arbitration after the
Company terminated him for cause in April 2021.
The arbitrator had previously dismissed all of Mr. Chatterjee’s
claims and awarded the Company approximately $600,000 related to
the partial return of Mr. Chatterjee’s signing bonus and
reimbursement to the Company for all expenses the Company incurred
directly and solely as a result of Mr. Chatterjee’s misconduct in
the arbitration. The arbitrator’s final award granted an additional
award of fees and costs to the Company in the amount of over $1
million.
The Company intends to enforce the judgment against Mr.
Chatterjee.
“We are pleased with the arbitrator’s ruling which clearly
demonstrates the Company was justified in terminating Mr.
Chatterjee,” said Chief Executive Officer, Jason Kopcak. “We are
happy to put this matter behind us to allow us to continue building
our business.”
About AAMC
AAMC is a private credit provider that originates alternative
assets to provide liquidity and capital to under-served markets. We
also continue to assess opportunities that could potentially be of
long-term benefit to shareholders. Additional information is
available at www.altisourceamc.com.
Forward-looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, regarding management’s beliefs, estimates, projections,
anticipations, and assumptions. These statements may be identified
by words such as “anticipate,” “intend,” “expect,” “may,” “could,”
“should,” “would,” “plan,” “estimate,” “target,” “seek,” “believe”
and other expressions or words of similar meaning. We caution that
forward-looking statements are qualified by the existence of
certain risks and uncertainties that could cause actual results and
events to differ materially from what is contemplated by the
forward-looking statements.
The statements made in this press release are current as of the
date of this press release only. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements or any other information contained herein, whether as a
result of new information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230109005605/en/
Investor Relations T: +1-704-275-9113 E:
IR@AltisourceAMC.com
Altisource Asset Managem... (AMEX:AAMC)
Historical Stock Chart
From Nov 2023 to Dec 2023
Altisource Asset Managem... (AMEX:AAMC)
Historical Stock Chart
From Dec 2022 to Dec 2023