Bateman Litwin, Delta-T founders settle lawsuit

Web exclusive posted April 24, 2009, at 3:10 p.m. CST

Dutch energy company Bateman Litwin N.V. and Delta-T Corp. founders Bibb Swain and Robert Swain recently announced that litigation between the parties has been settled.

The litigation was related to the Swain's July 2007 sale of Delta-T stock to Bateman Litwin. The lawsuit filed by Bateman Litwin in Dec. 2007 alleged that Robert and Bibb Swain misrepresented Delta-T's financial status during the sale. The Swains countered by claiming the sale coincided with a downturn in the biofuels economy.

While the terms of the settlement are confidential, a statement posted to Bateman Litwin's website said the company recognizes that the Swains acted properly during the sale of Delta-T.

"I look forward to putting past differences between the parties behind us so that Bateman Litwin can focus on its underlying businesses, including Delta-T," said Bateman Litwin CEO David Lamont in that statement. "We also look forward to working with the Swains in the future."

Read "Delta-T's parent company files suit against company founders," "Delta-T fires founder from company" and "Judge issues ruling in Bateman Litwin lawsuit" for more information.