Altisource announces arbitrator award of $1.6M in former CEO arbitration

Altisource Asset Management Corporation announced that the arbitrator awarded the Company more than $1.6M in the arbitration brought against the Company by Indroneel Chatterjee, the Company’s former CEO. Mr. Chatterjee filed the arbitration after the Company terminated him for cause in April 2021. The arbitrator had previously dismissed all of Mr. Chatterjee’s claims and awarded the Company approximately $600,000 related to the partial return of Mr. Chatterjee’s signing bonus and reimbursement to the Company for all expenses the Company incurred directly and solely as a result of Mr. Chatterjee’s misconduct in the arbitration. The arbitrator’s final award granted an additional award of fees and costs to the Company in the amount of over $1M. The Company intends to enforce the judgment against Mr. Chatterjee.