Music Tech Co. Settles $5M Loan Suit With Former Director

By Lucia Osborne-Crowley (December 22, 2021, 5:35 PM GMT) -- A music technology company and its former director have settled a $5 million lawsuit over loan agreements that went awry and left the company in dire financial straits.

Archag Patrick Vosgimorukian has reached a confidential settlement with the London-based music tech firm that he used to serve as a director, PowerChord, according to an order of the High Court issued Monday. The order does not give any details of the settlement deal.

Representatives for the two sides did not immediately respond to Law360's request for comment.

According to his suit, Vosgimorukian invested $5 million between 2018 and 2019 inPowerChord, which was...

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