Update: FSD Pharma $2 Million Arbitration Award Upheld by Federal Court Against Former CEO

MT Newswires Live06-29

Update: FSD Pharma $2 Million Arbitration Award Upheld by Federal Court Against Former CEO (Updates with comments from Raza Bokhari and more details about the dispute beginning in the fourth paragraph...

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Bokhari challenged the termination in US federal court in Pennsylvania as well as arbitration in Ontario, where FSD Pharma is based.The damages award, confirmed by the US District Court for the Eastern District of Pennsylvania, includes nearly $570,000 in proceeds from FSD Pharma class B stock sale, almost $329,000 paid to former US Senator Rick Santorum using company funds, and reimbursing $70,000 he paid for four personal flights.\"FSD Pharma hood-winked the US district court and secured an enforcement,\" Bokhari said in an email to MT Newswires late Friday afternoon. He already has filed appeals seeking to overturn the verdict in both the US and Canada, where he is now executive board chairman and CEO at Medicus Pharma, a Toronto-based medical device company working on a microneedle drug-delivery system.FSD Pharma said Friday it will \"pursue all means possible\" to collect on the arbitration award while Bokhari said he is working to obtain a $2.7 million surety bond.\"It is unfortunate that the district court rushed an enforcement order,\" Bokhari told MT Newswires. \"I'm confident that this flawed arbitral award will be set aside.\"Shares of the company fell 3.3% in recent after-hours activity.Price: 0.1567, Change: -0.01, Percent Change: -3.27","kind":"live","is_publish_news":false,"is_publish_highlight":false,"is_publish_live":true,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2447658237"}