LITTLE ROCK, Ark. (Legal Newsline) - Arkansas Attorney General Dustin McDaniel announced a default judgment on Tuesday against a Massachusetts real estate company that allegedly breached its contract with the Arkansas Public Employees Retirement System.
Pulaski County Circuit Judge Tim Fox granted McDaniel's motion for default judgment against the Williamstown, Mass.-based National Timber Partners LLC. National Timber allegedly failed to meet its financial obligations to APERS as required in an October 2012 contract. In the contract, National Timber pledged to buy APERS' interest in an investment fund for $110 million.
Fox ordered National Timber to pay $16,508,454.68, which represented the remaining amount due plus $561,739.75 in pre-judgment interest. The alleged outstanding contract balance due to APERS is $14,860,036.75.
"We are grateful for the court's order in this case in which the defendant has not responded to our pleadings or appeared in court to defend their actions," McDaniel said. "Companies that do business with the state are expected to fulfill their obligations or face the legal consequences if they choose not to do so."
In September, McDaniel filed suit against National Timber on behalf of APERS. Earlier in January, McDaniel filed a motion for a default judgment against the defendant.
No one representing National Timbers was present at the hearing on Tuesday.