Business
Finavera Receives Judgment in Scott & Associates Engineering Lawsuit
VANCOUVER, May 15, 2013 /CNW/ - Finavera Wind Energy Inc. ('Finavera') (TSX-V: FVR) annou...
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[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, May 15, 2013 /CNW/ - Finavera Wind Energy Inc. ('Finavera') (TSX-V: FVR) announces that the Alberta Court of Queen's Bench has\n issued reasons for judgment in the case of Scott & Associates\n Engineering Ltd. ('Scott') v. Finavera Wind Energy Inc.\n\n\nScott was claiming a constructive trust over a wind energy project known\n as the Three Hills Project ('Three Hills'), which Finavera acquired\n from Penn West Petroleum Ltd. in 2007 and subsequently sold to\n Ghostpine Windfarms LP, a subsidiary of NextEra Energy Inc ('NextEra'),\n in 2008.  Scott alleged that Finavera acquired Three Hills by misusing\n confidential information proprietary to Scott and that it\n misappropriated a business opportunity which belonged to Scott.\n\n\nThe Court dismissed Scott's claims and found that Finavera did not\n misuse any confidential information, did not breach any contract with\n Scott and did not misappropriate a business opportunity belonging to\n Scott.  The Court also refused Scott's claims to a proprietary interest\n in Three Hills or an accounting of the profits from Three Hills.  The\n Court concluded that \"Scott has proven only that it is entitled to be\n reimbursed for the value of the services it has provided…\"  It found\n that the appropriate award to Scott for those services was in the\n amount of $600,000.  Finavera continues to have a holdback of\n $1,000,000 with NextEra related to the 2008 sale, in order to deal with\n legal costs and any potential judgment.\n\n\nIn describing the testimony of the principal of the Plaintiff, Bryan\n Scott, the Court stated: \"Mr. Scott was clearly trying to put a\n positive, even hopeful spin on what was occurring.  In certain\n instances, the presentation of his evidence through the lens of his\n preferred or desired result worked against his credibility …at other\n times, his testimony was internally inconsistent.\"\n\n\nFinavera will be reviewing its legal options in relation to the judgment\n and will determine if further action is necessary.\n\n\nJason Bak, CEO\n\n\nAbout Finavera Wind Energy Inc. (www.finavera.com)\nFinavera Wind Energy is a company focused on developing, constructing\n and operating wind farms in North America and Ireland. Our mission is\n to create and operate a diversified portfolio of wind pro...