Judicial Arbitration and Mediation Services Rules Against Imagenetix
Monday, September, 26, 2011
JAMS, better known as Judicial Arbitration and Mediation Services, has announced a ruling in a dispute between Imagenetix, Inc., a developer of proprietary bioceutical medicines and TriPharma LLC, a distribution firm that worked with Imagenetix. Though the arbitration case is still pending before a private arbitration attorney working out of San Diego, California, an interim award has already been announced. This interim award ruled in favor of TriPharma and will require Imagenetix to pay TriPharma more than $2 million plus an additional amount to reimburse them for both interest on that amount plus legal fees. This additional amount has yet to be determined.
William Spencer, the president of Imagenetix, Inc., made a brief statement when the interim award was announced: "We obviously are not happy with the outcome of this case and are considering our legal options."
Judicial Arbitration and Mediation Services Decisions Final Word?
In most cases decided by JAMS, the final result is not subject to appeal, though in cases where special circumstances exist, the courts may decide to step in. It is not clear what legal options Spencer and Imagenetix may be considering. However, since the award announced is merely interim in nature, it is possible that the financial arbitration attorney hearing and deciding the case may produce a final ruling that is more palatable to Imagenetix.