Upper Deck Vault Loses Nearly $4 Million Thanks to Settlement
On November 30, 2011, the United States District Court in Nevada entered judgment in favor of anime company, Aniplex, Incorporated and against Upper Deck over a breach of contract action having to do with the “Kiba" animated series.
Legal translation: Although this judgement isn't specifically about trading cards, it does, however, involve Upper Deck. They're proving once again they're having one heck of a legal year. Let's just say this instance is a business deal gone bad.
What we do care about is that judgment was entered pursuant to a settlement (Legal translation: the parties reached a resolution, so the court dismissed the case). As part of the settlement, Upper Deck was required to pay Aniplex $3,950,000. Yes, a hair under $4 million.
Yikes.
Of note, the payment was also personally guaranteed by Richard McWilliam.
Legal translation: If Upper Deck goes out of business, Mr. McWilliam would pick up the tab.
Again, yikes.
Click here to see a copy of the official court document.
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