GUCCI SETTLEMENT

In the 24 years that the Innopex group of companies has operated we have endured a single civil suit filed by the fashion company Gucci in 1999.  As in most cases of this nature both Josh Frankel and Aaron Wagschal were named personally as well. 

The background to the suit was such that our company purchased watches from a long time supplier under the Gucci brand.  Very soon thereafter the Gucci company claimed that these watches were counterfeit.   The Innopex group of companies vigorously defended its reputation over a period of seven years.  We were very pleased to have reached an amicable resolution with Gucci in October 2007.  The preliminary statements rendered by the courts in MARCH 2007 were vacated as per the click here for a copy.  The supreme court has ruled that a vacated decision no longer has force or effect.

While the experience was taxing both on our resources of time and treasure, with G-d’s help we continued to grow our operating and investment interests during that period.  As our corporate attorneys so eloquently put it “ if you drive you are bound to receive a traffic citation - - if you are in business you are bound to get sued!”  Our strategy is to be safe drivers.