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Healthcare staffing company Crdentia Corp. (OTCBB: CRDT.OB) said it reached a settlement in a case against Travmed
Crdentia acquired Travmed, a Charlotte NC nurse staffing company, on March 28, 2005, but the company reverted to its original owners, Robert Litton and Steve Williams, on May 29, 2006, according to legal filings.
The Crdentia suit alleged breach of noncompete agreements and misrepresentation by the owners. The defendants denied the allegations.
Crdentia never made the first principal payment for the company, according to a letter from Travmed to nurses included in the lawsuit. Ultimately, the company reverted to its original owners, the letter stated.
In the settlement announced last week, Travmed agreed to release claims arising out of the litigation and that Crdentia won't have responsibility for any claims that arose between March 28, 2005 and May 8, 2006, according to the SEC filing. Crdentia also agreed to pay Litton and Williams, the owners of Travmed, $275,000.
A lawyer for Crdentia did not have a comment on the case. The attorney for the Travmed owners could not be reached by press time.