“We acted with integrity and diligence in our roles and followed expert guidance every step of the way regarding the extensive issues outlined in the complaint,” the filing stated. The defendants also reserved the right to introduce additional perspectives as the case progresses in various ways.
Lawsuit Details Numerous Claims Against Company
Nash Engineering Co. (TNEC), which produced pumps for different industries over many years, was entangled in asbestos lawsuits for more than three decades before submitting to Chapter 7 bankruptcy in October 2021. Trustee George I. Roumeliotis of Roumeliotis Law Group PC accused the former executives of breaching their fiduciary duties by transferring vast sums to Nash Engineering Holdings LLC (NEH), leaving TNEC without adequate funds to address the legal claims from asbestos.
The complaint alleges that after dismantling the company by liquidating assets, including selling real estate holdings and life insurance policies, TNEC rerouted the funds—including $44.6 million from the sale of its Nash Elmo subsidiary in 2004—to NEH. The money was then distributed to over 100 Nash family members and other insiders, or so claims the trustee.
