PN Lawyers Secures Judgment For Breach of Contract, Failure to Pay Royalties
PN Lawyers secured a judgment of $1.8 million in unpaid royalties for their client Nanobionic Technologies (“Nano Tech”).
PN Lawyers represents Nano Tech - an innovative company offering next generation technology for textiles. Nanobionic Technology is used in a number of industries including bedding, mattresses, apparel, car seats, footwear, orthopedics, bandages, and more.
Nano Tech combines science, technology, and nature to enhance the lives of the over eight million customers they serve in 40 countries.
In August of 2019, Nano Tech entered into a written contract with London Luxury - a luxury textile and home design company. Under the terms of the contract, Nano Tech agreed to provide exclusive licensing of their Nanobionic trademark and Nanobionic Technology for certain licensed products to London Luxury in exchange for quarterly compensation. London Luxury agreed to pay Nano Tech minimum royalties for net sales for the trademark phrase and for the Nanobionic brand mark(s).
Despite Nano Tech fulfilling all of its obligations under the agreement and London Luxury acknowledging receipt of invoices, Nano Tech did not receive the payment it was entitled to under the terms of the agreement. London Luxury failed to pay the agreed upon compensation for two of three terms of the contract, leaving a total amount outstanding of $1.8 million.
PN Lawyers filed a complaint in New York County seeking compensation for the unpaid royalties. The judge in the case found that Nano Tech, through PN Lawyers, provided sufficient evidence to support the breach of contract claim and entered judgment in the amount of $1.8 million against London Luxury, plus interest.
Nano Tech is represented by Taso Pardalis, Joseph D. Nohavicka and Todd Sherman of Pardalis & Nohavicka.