Cereplast takes action on contract violation

In Nevada, OTCMAGIC reports that Cereplast has started an action against Magna Group and Hanover Holdings I in the United Stated District Court situated in Southern District of New York. Cereplast is alleging that Hanover Holdings I had violated the contract.

Cereplast Inc also alleged against Magna Group, the violation of contract and implied covenant of good faith and fair dealing that arose out of a certain Participation Purchase Agreement between Magna Group and Compass Horizon Funding Company. Moreover, on 15th October, 2012 certain Note Purchase Agreement was made between the company and Hanover Holdings I.

More on the story.