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Last updateSat, 21 Jul 2018 12am







    Saturday, July 21, 2018-2:32:35P.M.






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Prosper Wealth Global sued for breach of contract

A HONG KONG company has sued Prosper Wealth Global (CNMI) LLC, a principal subsidiary of Imperial Pacific International Holdings, for breach of contract and breach of the implied covenant of good faith and fair dealings.

The complaint was filed in Superior Court by Hyperdrive International Limited, which demands a jury trial.

Represented by attorney Robert T. Torres, the plaintiff is demanding payments for services it has provided based on a contract between Hyperdrive and Prosper Global Wealth. The contract covered “Kunloo” brand material professional services; for providing Kunloo standard graphic design and applications; for creative design and planning for Kunloo sales manual; and for professional printing and production services on Kunloo sales manual.

Torres said Hyperdrive fulfilled its contractual obligations but Prosper Wealth Global has failed to make payments and has accrued late fees.

Under the agreement for the services provided by Hyperdrive, any delay of payment would incur a late charge of 1 percent of the unpaid amount per day as of the receivable date, Torres said.

On May 25, 2017, he said Hypedrive submitted a notice of dispute and demand compliance with the defendant’s registered agent, attorney Michael W. Dotts.

To date, Torres said, Prosper Wealth Global has not responded to Hyperdrive’s request for friendly negotiations and has not made any payments.

He said as a direct and proximate result of the defendant’s breach of contract, the plaintiff has suffered damages including the past due payments and with late fees amounting to $277,067.85 as of May 16, 2017, but also accrued late fees and additional and consequential damages in an amount to be proved at trial.

Torres asked the court for a judgment against Prosper Wealth Global for the outstanding amount due.

Asked for comment, Dotts said, “Prosper Wealth intends to vigorously defend this lawsuit. As you will see in the complaint, what is being sought are ‘late fees,’ not damages, because Hyperdrive performed and was then not paid. Hyperdrive alleges in the vaguest terms that it performed. Notably, Hyperdrive does not say how it performed. Prosper Wealth is confident when this case is heard that no ‘late fees’ will be awarded to Hyperdrive and that Prosper Wealth will prevail.”