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Contact:
Nina McCann
Director of Public Relations
Forchelli, Curto, Deegan, Schwartz, Mineo & Terrana, LLP
516-248-1700
nmccann@ForchelliLaw.com
$90 Million Dollar Judgment Dividend
Awarded in Dallas County, Texas District Court on Behalf
of “Minority” Shareholder in Case Handled
by Partners Anthony V. Curto, Esq. and Joseph V. Cuomo,
Esq.
March 19, 2010 — Long Island attorneys
Anthony V. Curto, Esq. and Joseph V. Cuomo, Esq. as Co-Counsel
with Texas based law firm Diamond McCarthy LLP obtained
a $90 million judgment dividend award on behalf of Mr.
Balkrishna Shagrithaya, the 47% owner of ARGO Data Resource
Corporation, a Texas based financial services software
company. Mr. Shagrithaya commenced an action in late
2007 against Max Martin, ARGO’s 53% owner, alleging,
among other things, minority shareholder oppression, malicious
suppression of dividends, breach of fiduciary duty, breach
of contract and fraud. Mr. Shagrithaya and Mr. Martin
founded ARGO close to 30 years ago, and grew ARGO into
a leading national provider of software to commercial banks
and financial institutions. After a seven (7) week
trial, the jury found in favor of Mr. Shagrithaya on all
his claims and awarded a $65 million dividend, back compensation
to Mr. Shagrithaya and reimbursement of Mr. Shagrithaya’s
legal fees. Following the jury verdict, the trial
court in its judgment increased the dividend award to $90
million, the full amount demanded in the complaint.
Messrs Curto and Cuomo are partners of the Long Island
based Forchelli Curto Deegan law firm.
Partner
Anthony V. Curto, Esq. concentrates
his practice on structuring, negotiating, and documenting
a variety of complex transactions on behalf of regionally
and nationally known clients. For over 40 years,
he has counseled public and private corporations in major
transactional matters, including mergers and acquisitions,
joint ventures, partnering arrangements, and the reorganization
of business enterprises and assets, across a variety of
industries. He has also represented corporations in formation,
early stage, and venture capital financings, and advised
clients in private placements and public offerings of securities.
Partner Joseph V. Cuomo, Esq. concentrates
his practice on the representation of private and public
companies and emerging businesses with respect to business
law and transactional matters. He serves as “outside” general
counsel to numerous middle market private companies. His
practice also encompasses the representation of institutional
and individual investors (including venture capital funds)
and private equity funds with respect to their portfolio
company transactions.
Founded in 1976, Forchelli, Curto, Deegan, Schwartz, Mineo & Terrana LLP is one
of Long Island's most acclaimed and distinguished law firms.
Headquartered in Uniondale, NY, the Firm provides
counsel to a broad range of clients, including national,
regional and local businesses, major real estate developers
and organizations, banks, insurance companies, municipalities,
educational institutions, and individuals.
*The Omni, 333 Earle Ovington Boulevard, Suite 1010, Uniondale,
New York 11553*
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