Mandell Menkes represented the sellers of a $25 million company in a litigation instituted by the buyer, a national bank, to recover $2 million of the sale price. Specifically, plaintiff alleged that certain representations and warranties made in the stock purchase agreement were false, and sellers should indemnify plaintiff for $2 million. Mandell Menkes moved for summary judgment on multiple grounds, including that sellers did not make any misrepresentations, and that plaintiff’s request for indemnification was untimely. On June 14, 2019, Judge Harry D. Leinenweber of the Northern District of Illinois agreed, granting summary judgment in favor of Mandell Menkes’ client.
For more information, contact: Bruce Menkes, George Desh