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.
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