| ESPN Network: ESPN.com | RPM | NBA.com | NHL.com | ESPNdeportes | ABCSports | WNBA.com | FANTASY | |
 |
|
 | |
 |
  |
 |
 Start your engines! Play RPM.ESPN Stock Car Challenge! Win a Honda S2000! Play The CART Challenge powered by Honda! |
Friday, November 30 CART awarded $48 million ESPN.com news services DETROIT -- CART was awarded $48 million in compensatory and consequential damages at a hearing in Oakland County (Mich.) Circuit Court for its breach-of-contract lawsuit against ISL Marketing AG. The Swiss-based company had served as CART's exclusive worldwide marketing agent since 1998. ISL had the responsibility of seeking sponsorship for the open-wheel sanctioning body and was obligated by contract to guarantee a pre-determined amount of income to CART on an annual basis. The lawsuit, filed in February and settled Wednesday, alleged that ISL failed to pay CART more than $6 million with respect to the 2000 guarantee. The complaint also stated that ISL did not fulfill its remaining commitment to the nine-year contract, which would have expired following 2006. "We're pleased with the outcome, and believe this is one of the largest awards in Oakland County history," said Deborah Schneider, CART senior vice president of legal affairs. "ISL is currently being liquidated by the Swiss Bankruptcy Court, and we're hopeful that this judgment will put us in a more advantageous position in those proceedings."  Send this story to a friend | Most sent stories
|
|
||||||||||||||||||
|
|
Copyright ©2001 ESPN Internet Ventures. Terms of Use and Privacy Policy and Safety Information are applicable to this site. Click here for a list of employment opportunities at ESPN.com. |