ATHENS: After a long-running court case, NewLead JMEG has filed a stipulation of liability in the breach of contract court case brought by London-based TransAsia Commodities, which is seeking $6.2m in compensation.
NewLead JMEG has conceded that it did breach the terms of the coal purchase agreement by failing to deliver the 110,000 tonnes of coal to TransAsia. The defendant filed a stipulation of liability for breach of contract to the Supreme Court of the County of New York on Thursday.
NewLead JMEG has also withdrawn its first and second counterclaims against TransAsia.
