Terminating Sanction Leads to $2.8B Judgment; Entrepeneur May Have Fled

A California judge signed a whopping $2.8 billion judgment last week, ending the case against entrepreneur Jianping "Tony" Qu, after hitting him with terminating sanctions last month. Judge Jack Komar's decision is a major victory for New World TMT, a Hong Kong investment company that sued Qu's company, Prediwave Corp., two years ago, claiming that Prediwave video equipment it purchased didn't work as promised. But collecting the award could be a challenge because Qu may have fled the country.

Details here from The Recorder via Law.com.