Washakie Renewable Energy to pay $25.3M to Lifetree in legal battle

December 1, 2017 |

In New York, a federal court jury recommended that Utah-based Washakie Renewable Energy pay over $25.3 million to Lifetree Trading PTE for breaching a $90 million deal agreement with Lifetree. The lawsuit began in 2014 after Washakie officials signed a contract with Lifetree to import 90,000 metric tons of Argentine soy methyl ester for biofuel, but when the first shipment arrived, Washakie refused to accept it and Lifetree lost millions, according to court documents.

According to the Salt Lake Tribune, Washakie Renewable Energy associates admitted they lied when saying they had Turkish holdings and made other deals with similar verbal conditions. The jury then no longer had to decide if they breached their contract, but now just had to decide if Lifetree suffered damages.

 

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