U.S. Markets open in 8 hrs 13 mins

VisionChina held in breach of contract by Appellate Court

The Appellate Division of the New York State Supreme Court has granted partial summary judgment in favor of Gobi Partners and Oak Investment Partners in their breach of contract claims against VisionChina Media and its subsidiary. In the same ruling, the appellate court affirmed the dismissal of VisionChina's claims of fraud and reversed the lower court's grant of a motion to attach $60M in assets. With this grant of partial summary judgment, Gobi and Oak have prevailed on most of the claims in their lawsuit against VisionChina relating to VisionChina's acquisition of a promising digital advertising company called Digital Media Group, previously owned by Gobi and Oak. Gobi and Oak plan to take all measures to enforce over $108M in contractual obligation and damages against VisionChina.