(NASDAQ: SUPVA), the manufacturer of LED and fiber-optic lighting and sign products, has filed suit against Ocean Bank of Ft. Lauderdale, FL.
The suit alleges that the bank aided and abetted the efforts of Marsam Trading Corporation, Optic Tech International, and the Wu Family of Shanghai, Hong Kong and Miami to avoid the enforcement of a court-ordered injunction and the collection of a $41.2 million judgment awarded to Super Vision in September of 2002 by an Orange County, FL jury in case number CI99-9392. The Wu Family and their numerous associated corporations in the US and China were found liable on more than one dozen counts in that lawsuit, including theft of trade secrets, fraud, violations of Florida’s RICO Act, negligent destruction of evidence and civil theft, as described in a partial final judgment dated October 30, 2002 under the above case number. A separate criminal case is under investigation by the FBI and U.S. Attorney’s Office.
Super Vision says it has received testimony and affidavits which suggest the bank may have liability for its actions with the Wu defendants. The case is being handled on behalf of Super Vision by Chris Cathcart of Ossinsky & Cathcart, P.A. of Winter Park, FL