Arbitrator Awards AAMC $1.6 Million in Arbitration Brought by its Former CEO
CHRISTIANSTED, U.S. Virgin Islands--(BUSINESS WIRE)--Jan 9, 2023--
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.”
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.
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/
CONTACT: Investor Relations
KEYWORD: VIRGIN ISLANDS (U.S.) CARIBBEAN
INDUSTRY KEYWORD: OTHER PROFESSIONAL SERVICES LEGAL PROFESSIONAL SERVICES FINANCE
SOURCE: Altisource Asset Management Corporation
Copyright Business Wire 2023.
PUB: 01/09/2023 10:03 AM/DISC: 01/09/2023 10:03 AM