SHERMAN - A Plano company is facing a lawsuit for defaulting on a $130,000 settlement agreement with a New York corporation.
Claiming breach of contract, New York corporation Arrow Electronics Inc. filed suit against Sign Innovations Inc. , doing business as Genesis LED Solutions, on July 13 in the Eastern District of Texas, Sherman Division. Genesis LED Solutions is a self-proclaimed "pioneer lighting company" which offers LED-based lighting solutions.
The parties entered into a settlement agreement in May for booked and shipped inventory. The settlement amount was for $150,731, to be made in eight monthly payments to Arrow, with the first payment being due in June.
According to the lawsuit, Genesis made its first monthly payment but has not made any other payments to Arrow.
The plaintiff is asking the court for the total amount of $130,475.
Arrow Electronics is represented by Justin B. Palmer of Stoel Rives in Salt Lake City, Utah, and James C. Tidwell of Wolfe, Tidwell & McCoy LLP in Sherman.
U.S. District Judge Michael H. Schneider is assigned to the case.
Case No. 4:11-cv-00436