Date: 2012 January 13 18:01
Posted by Eeeper
Funimation sues ADV, Sentai and others for alleged debt arising from ARM/Sojitz deal.
Funimation filed papers today in a lawsuit in the state of Texas, United States in which they claim that ADV has defaulted on a debt that arose when ADV lost an agreement with ARM Corporation (owned by Sojitz Corporation and others), a licencing company which sold licences for a number of anime IP properties. They allege that since ADV disbanded and reformed as Sentai Filmworks, Section23 Film and others, the new companies inherited and then defaulted on money owed by them to ARM.
ANN has reported that since Funimation signed an agreement with ARM and ARM gave Funimation the right to enforce their older contract with ADV, Funimation inherited the right to collect on debts owed to ARM.
Sentai Filmworks, Section23 Films and the companies named in the suit have have lodged a counter claim stating that their companies didn't exist when the ADV/ARM was signed and therefore cannot be enforced. Further they stated the two-year statute of limitations prevents Funimation from filing such a suit.
A tenative trial start date of October 5th, 2012 has been set.
For more details please see the link below.