Personal Business Lawsuit
Jundts to pay $1.8 million settlement in debts lawsuit.
Personal Business
Minneapolis, MN: (May-13-08) A lawsuit was brought against Jundt Associates Inc., related to the company's debts. The suit, filed against James and Marcus Jundt, stated that the two mixed the company's assets with their own to the extent that their personal assets could be considered to satisfy the obligations of the corporation. The receiver’s suit aimed to collect nearly $11 million from the Jundts personally, as it alleged that the amount was how much was wrongfully taken from the company.Sources stated that the suit was resolved as part of a settlement agreement reached by the Jundts and the receiver, in which the Wayzata money manager and his son will pay $1.8 million to resolve allegations. The settlement stated that the two will also have to pay another $1 million or more later on, in a bid to settle debts for Jundt Associates Inc., resolving the suit, avoiding the risks of protracted litigation. [MINNEAPOLIS/ST. PAUL STAR-TRIBUNE: JUNDTS AGREE TO $1.8 MILLION SETTLEMENT OF COMPANY DEBTS]
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