NanoMech civil lawsuit dismissed by judge
by March 28, 2022 2:07 pm 1,057 views
The civil suit filed in August against NanoMech Inc., the defunct Springdale-based nanotechnology manufacturer, has ended in dismissal.
U.S. District Court Judge P.K. Holmes III dismissed the case on Jan. 10 after finding the complainants “have not alleged any facts establishing a fiduciary duty, or other special relationship, between the parties.” As a result, the defendants don’t owe the complainants, and their “claim for negligence must be dismissed,” court documents show.
Complainants Daniel Carroll of Michigan and Kent School Corp. of Kent, Conn., were seeking a combined $3 million in damages related to the nonpayment of three loans they provided to NanoMech in 2018.
The case was filed in U.S. District Court, Western District of Arkansas, Fayetteville Division. The suit came after NanoMech’s Chapter 11 bankruptcy and $1.7 million settlement agreement between NanoMech, its directors and officers, and another lender, New York-based Michaelson Capital Partners.