Congratulations to our partners Scott Atherton, Joe Galardi, Terry Mullen, and Pete Maskow, along with their co-counsel Mike Caddell of Caddell & Chapman and Brian Spiro of Comiter Singer, on their total victory on behalf of the sellers in a hotly contested M&A litigation. The litigation centered on a post-closing adverse jury verdict in a case that was filed before the transaction closed. The main question was whether the buyer or the sellers were financially responsible for that claim, and whether the buyer’s claims against one of the sellers who had passed away was further barred by Florida’s Probate Code.
The court granted final summary judgment in favor of the sellers’ representative and the deceased seller, ruling that they were not financially responsible for post-closing payment the buyer made to settle the underlying claim following the jury’s verdict. The buyer was represented by a New York-based Am Law 50 law firm.