February 25, 2013

New Century Financial files lawsuit to recover $240K from several entities

HOUSTON – New Century Financial Inc. has filed a lawsuit in an effort to recoup approximately $240,000 from five entities. logo

NCF sued Oledix Technologies LLC, The Oledix Store LLC, Practical Technologies Inc. and Baltimore, Md., residents Curtis R. Martin and Dilip S. Dalvi in Montgomery County District Court last December.

The litigation was transferred to the Houston Division of the Southern District of Texas on Feb. 14.

Oledix designs, manufactures and markets a variety of touchscreen software, including computer monitors, tablets and kiosks. It is based in Baltimore, Md.

Court papers explain that the dispute arose from the defendants’ purported failure and refusal to remit $159,000 on an invoice, stating the act breached an agreement for purchase and sale of accounts dating back to April 2012 between NCF and Oledix.

Martin executed a personal guaranty “unconditionally” guaranteeing NCF full payment and prompt and faithful performance by Oledix while Practical bore responsibility for forwarding all payments on invoices or accounts to the plaintiff.

Meanwhile, Dalvi supposedly confirmed the validity of the late April/early May 2012 invoice which would be the focus of the case.

According to the original petition, NCF fully performed all of its contractual obligations, however, the respondents have failed to pay the owed balances and “are in breach of the contract terms and conditions and respective guaranty and notice of assignment.”

The plaintiff further accuses the defendants of committing fraud by falsifying invoices in order to receive cash advances, mentioning that one such invoice was apparently for services provided to Johns Hopkins Hospital.

To date, the complainant asserts it is owed a minimum of $240,625.

Attorney Richard J. Judge Jr. with the Ward Law Firm in The Woodlands is representing NCF.

Case No. 4:13-CV-391