LOS ANGELES, Oct. 13, 2020 /PRNewswire/ —
Trophy Automotive Dealer Group LLC, a leading automotive dealer group operating in California, announces that it has reached a settlement with Byron Z. Moldo, the court appointed receiver for the Sage Group of auto dealerships (the “Receiver”).
In June and October 2019, various TADG subsidiaries filed complaints against the Receiver and various Sage entities for specific performance and breach of contract. The settlement resolves these complaints.
The settlement also fully resolves the action filed by the Receiver against TADG, certain of its subsidiaries, Mr. Nasser Watar, and certain former Sage employees, alleging various claims including concealment and breach of fiduciary duty. The settlement includes the complete dismissal of the action against Mr. Watar, TADG, its named subsidiaries, and the named former Sage employees. The settlement did not include any admission of liability on the part of Mr. Watar, TADG, its subsidiaries, or any of the named former Sage employees.
Nasser Watar, President of TADG, mentioned: “I am happy that the parties have agreed to a full resolution of their claims in this settlement, including the complete dismissal of claims against myself and Trophy Automotive Dealer Group.”
Trophy Automotive Dealer Group is one of the largest non-public dealer groups in the State of California and also the largest Kia Dealer Group in number of new car units sold in the US market in 2019.
SOURCE Trophy Automotive Dealer Group