The Plaintiff, Water Matrix Inc., brought a motion for judgment in the principal amount of $1,302,377.98 plus interest, following the collapse of a settlement agreement with the Defendants, Anna Maria Carnevale, Stephen M. Cordeiro, and Cordeiro Trucking Limited.
The underlying action was a civil fraud claim against Ms. Carnevale, the Plaintiff's former corporate comptroller, for allegedly transferring over $1.2 million.
A settlement agreement under Rule 49 required the Defendants to pay $750,000 and sign a Consent to Judgment for $1,585,515.00, to be filed upon default.
The Defendants defaulted on the payment, even after a 30-day extension, and failed to provide evidence of financing or meet conditions for lifting a Mareva injunction on Ms. Carnevale's property.
The court found the Defendants breached the settlement agreement and that the Plaintiff's refusal to lift the injunction was reasonable.
Judgment was granted in favour of the Plaintiff for the full amount and costs.