Moberly, Development Group Settle Mamtek Suit

4 years 11 months 1 day ago Wednesday, November 13 2013 Nov 13, 2013 Wednesday, November 13, 2013 1:54:00 PM CST November 13, 2013 in News
By: The Associated Press

MOBERLY (AP) - A Missouri community has agreed to pay $95,000 to end its involvement in a lawsuit filed by investors in a failed artificial sweetener plant.

The Columbia Daily Tribune reports Moberly and the Moberly Industrial Development Authority have settled a lawsuit filed by Shelter Insurance Cos. and other Mamtek investors.

The city filed notice of the deal with the Missouri Supreme Court this week and asked it to dismiss a pending case to determine whether the city could be forced to take part in the suit.

Mamtek defaulted in August 2011, a year after persuading Moberly leaders to issue $39 million in bonds with the promise of more than 600 jobs. Mamtek's claims also prompted state leaders to authorize up to $17.6 million in tax credits and incentives.

 

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