O’Neal, Leeco win $117M in fraud suit
Jun 26, 2014 | 02:27 PM
| Thorsten Schier
NEW YORK Service center operators ONeal Steel Inc. and Leeco Steel LLC have prevailed in their 2011 lawsuit against two steel suppliers and their owners alleging fraud, misrepresentation, negligence and breach of contract and warranty.
The companies were awarded $17 million under the Racketeer Influenced and Corrupt Organizations (Rico) Act and $100 million in punitive damages following a two-week trial in U.S. District Court in Alabama.
ONeal had alleged that it received non-conforming steel for high-stress and safety-critical applications from World Steel Unlimited Inc. and General Purpose Steel Inc. that could have put the lives of U.S. military personnel serving in Afghanistan and Iraq at risk had it not been recalled and replaced with the correct-quality steel (amm.com, Jan. 25, 2011).....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.