TransPerfect co-founder hit with $7.1 million in sanctions
DOVER, Del. -- A Delaware judge has ordered the co-founder of a New York-based translation company to pay his business partner and former fiancee $7.1 million in fees and expenses as sanctions for "deplorable behavior" in a contentious lawsuit resulting in the company's court-ordered sale.
The judge on Friday ordered Philip Shawe, co-founder of TransPerfect Global Inc., to pay the money to Elizabeth Elting within 10 business days.
In a sanctions ruling last month, Chancellor Andre Bouchard declared that Shawe had intentionally sought to destroy information, failed to safeguard evidence, and repeatedly lied under oath.
Last year, Bouchard granted Elting's request to appoint a custodian to oversee the sale of TransPerfect, noting that despite its profitability, management had devolved into irretrievable deadlocks and "complete dysfunction" between Shawe and Elting, the only two directors.
Read more here: http://www.ledger-enquirer.com/news/business/article96787822.html
