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LA designer Louis Verdad, a favorite in the city's fashion landscape, has been granted a default judgment against him in a suit filed by his former factor, Kracksmith Inc., d.b.a. American Business Fund. Per California Apparel News, "Superior Court Judge Maureen Duffy-Lewis issued a default judgment against Verdad of $467,505, according to ABF Managing Partner Boz Lee." Not only is it a matter of money, there's also the issue of the Louis Verdad trademark: "Kracksmith maintains [it] was among the assets legally acquired following the Louis Verdad Inc. bankruptcy filing." Verdad and his partner Hernandez "said they jointly own the trademark through a separate holding company, VHIP Inc." We knew something was up with Verdad, a mainstay at LA Fash Week, who didn't show last season. In another soured biz partnership, he may be yet another designer to lose the use of his own name. [CAN]