Qimonda creditors' committee awarded complete victory in arbitration
Client(s) Qimonda Richmond Creditors' Committee
Jones Day represented the Qimonda Richmond creditors' committee in its arbitration proceeding to collect $8.4 million from G2 for memory products. Qimonda North America Corp. is formerly one of the world's largest manufacturers of dynamic random access memory. G2 Technology, Inc. purchases and resells electronics and computer products. On May 29, 2009, in connection with its bankruptcy proceedings in Delaware, Qimonda, through the creditors' committee that Jones Day represents, instituted an arbitration proceeding to collect $8.4 million from G2 for memory products that G2 purchased on credit. G2 asserted approximately $40 million in counterclaims for, among other things, breach of warranty, breach of contract, fraudulent and negligent misrepresentations, violation of the Robinson-Patman Act, and violations of California Business & Professions Code §§ 17200 and 17045.
On April 15, 2011, following a two-week arbitration hearing in Palo Alto, the arbitrator ordered G2 to pay Qimonda the full $8.4 million claim, plus interest and $2.5 million in attorneys' fees and costs. The arbitrator denied G2's counterclaims in their entirety. The Delaware Bankruptcy Court confirmed the arbitrator's award, and G2 satisfied the judgment.
Qimonda North America Corp. v. G2 Technology, Inc., American Arbitration Association Case No. 74 117 Y 00477 09 JEMO, confirmed in In re Qimonda Richmond, LLC, Case No. 09-10589 (Bankr. D. Del.)
