SAN DIEGO – A San Diego company alleges a Georgia company failed to provide reports in 2018 per the terms of an agreement.
Protection Capital LLC filed a complaint on Aug. 17 in the U.S. District Court for the Southern District of California against IP CO LLC alleging breach of contract.
According to the complaint, on April 30, 2007, the parties entered into a convertible promissory note and note purchase agreement for the defendant to borrow loans of up to $500,000. The suit states between 2008 to 2017, the defendant provided the plaintiff with quarterly reports and remitted the 5 percent owed to the plaintiff as defined by the purchase agreement.
The plaintiff holds IP CO LLC responsible because the defendant allegedly failed to provide quarterly reports and payments for the first two quarters of 2018.
The plaintiff requests a trial by jury and seeks judgment for damages of as much as $500,000, late payment charges, prejudgment interest, attorneys' fees, expenses, costs, and for such other and further relief as the court deems just and proper. It is represented by Stephen Thomas of Stephen T. Erb in San Diego.
U.S. District Court for the Southern District of California case number 3:18-cv-01880-L-WVG