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NC court dumps speedway's suit over $80M deal
Legal Focuses |
2013/10/04 13:58
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A North Carolina court says it will not revive a lawsuit from one of the country's largest auto racing track operators which says local officials reneged on millions of dollars in tax breaks for a new drag strip.
A three-judge state Court of Appeals panel ruled Tuesday against Speedway Motorsports Inc. and Charlotte Motor Speedway, which sued Cabarrus County.
The companies had threatened to move the 135,000-seat speedway and build a new drag strip somewhere other than the Charlotte region unless they got the tax breaks. They say they decided to build the drag strip and upgrade the speedway after an oral agreement for $80 million in tax breaks.
The appeals court says there was no binding contract since nothing was put in writing until after the drag strip opened.
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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