IMPERIAL Pacific International and Fox Financial LLC have informed Magistrate Judge Heather Kennedy of the District Court for the NMI that they have reached a settlement and will file a stipulation to dismiss on June 4.
At the status conference on Wednesday, attorneys Juan T. Lizama, Kevin Abikoff, and Sam Salyer appeared for IPI, while attorney Daniel Guidotti appeared for Fox Financial.
Judge Kennedy noted that the parties have requested to convert the settlement conference to a telephone status conference.
Fox Financial sued Forson Holdings for breach of contract, and sued IPI for breach of guarantee.
The plaintiff wanted the federal court to issue an order awarding Fox Financial $118,000 jointly and severally against Forson and IPI including costs and attorney’s fees to be determined during trial.
In 2016, the lawsuit stated, Forson subleased a 21-unit apartment complex from Fox Financial. IPI guaranteed that it would pay Forson’s obligation under the sublease if Forson failed to pay Fox Financial, the lawsuit added.
In February 2020, Forson failed to pay Fox Financial more than $100,000 due under the sublease; likewise, IPI failed to honor its promise to pay Forson’s obligation, the lawsuit stated.
