TORONTO – Look Communications’ parent Unique Broadband Systems (UBS) has fired back at its former executives who are suing the company.
UBS said that it has issued statements of defence and counterclaim with the Ontario Superior Court of Justice against former CEO Gerald McGoey and chief technology consultant Alex Dolgonos. The two announced in July that they are suing the company for more than $13 million after being removed from office at a shareholders meeting, as Cartt.ca reported.
"UBS regrets the actions of Messrs McGoey and Dolgonos to seek an additional $13 million from UBS and intends to vigorously defend the claims for the UBS ‘Restructuring Awards’ and ‘Termination Payments’”, said current UBS CEO Grant McCutcheon, in a statement. “We also intend to pursue claims against certain other former directors for payments and decisions which we believe were not in UBS’ or its shareholders’ best interests."
UBS is seeking damages worth $3 million and punitive damages of $5 million, in addition to various other concessions.
