September 1, 2009 – Crosby & Higgins LLP Secures Favorable Ruling on Motion to Dismiss Claims for Breach of Contract, Quantum Meruit, Unjust Enrichment and Declaratory Relief and Successfully Resolves Fee and Non-Solicitation Dispute Arising Out of $121 Million Credit Transaction on Behalf of International Investment Consulting Firm
September 1, 2009
Crosby & Higgins LLP has successfully resolved claims on behalf of its client, a multi-national consulting firm specializing in international credit transactions and business development in emerging markets, in a fee and non-solicitation dispute brought in Federal District Court for the Southern District of New York arising out of the alleged breach of an exclusive consulting and origination agreement by the defendant, an international financing institution, based in New York. The dispute arose after the defendant closed on a $121 million deal securing a financing package for the acquisition of two ships to be leased to an international state-owned petroleum company for ten years with a purchase option at the end of the lease. Crosby & Higgins LLP earlier secured a key ruling in the case on a motion to dismiss brought by the Defendant, thereby preserving the client’s claims for breach of contract, quantum meruit, and unjust enrichment, as well as claims for declaratory relief arising out of the alleged breach of a non-solicitation provision. Following the decision handed down by the Honorable Judge Denny Chin, the parties confidentially agreed to settle all claims and are moving on.