FSD Pharma Inc. (NASDAQ:HUGE)(CSE:HUGE)(FRA:0K9A) ("FSD Pharma"), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions to address ailments affecting millions worldwide, today announces that on June 27, 2024, the United States District Court for the Eastern District of Pennsylvania confirmed FSD Pharma, Inc.'s motion for entry of judgment is granted and judgment is entered in favour of FSD Pharma and against Dr. Raza Bokhari as follows:
- USD $147,301.04, plus interest at a rate of 4% per annum from November 9, 2022 until the date the Judgment is satisfied.
- CAD $31,912.55, plus interest at a rate of 4% per annum from November 9, 2022 until the date the Judgment is satisfied.
- CAD $15,000.00, plus interest at a rate of 4% per annum from March 1, 2023 until the date the Judgment is satisfied.
- CAD $2,814,229.15, plus interest at a rate of 6% per annum from May 7, 2023 until the date the Judgment is satisfied.
In July 2021, FSD's board of directors terminated Dr. Raza Bokhari, its former CEO. Dr. Raza Bokhari filed an arbitration challenging this termination in Ontario, Canada. After years of litigation and an eight-day evidentiary hearing, the Arbitrator ruled against Dr. Raza Bokhari and issued three awards against Dr. Raza Bokhari in favor of FSD, including an award for damages and awards for FSD's fees and costs incurred in the arbitration.
FSD's Petition to Confirm the Arbitration Awards was filed May 29, 2024 in the United States District Court for the Eastern District of Pennsylvania under the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, June 10, 1958, 21 U.S.T. 2517, 330 U.N.T.S. 3 (the "New York Convention"). In its opinion granting FSD's Petition, the District Court found that Dr. Raza Bokhari did not offer any valid basis under the New York Convention for the Court to deny enforcement of the arbitration awards against him.
FSD will pursue all means possible to collect from Dr. Raza Bokhari, current chairman and CEO of Medicus Pharma Ltd.
