Del. Court of Chancery Strikes Attempt to Mandate $400M Relocation Sale Closure
The decision was made the same day oral arguments were made via Zoom, with Zurn stating she found, based on what was presented by Andrew Kassof, of Kirkland & Ellis, who argued the case on behalf of SIRVA, that Realogy, not SIRVA, caused the conditions of the deal to fail.
July 21, 2020 at 02:05 PM
3 minute read
Real estate and relocation services company Realogy Holdings Corp. does not have grounds to pursue breach-of-contract claims against SIRVA Worldwide Inc., Vice Chancellor Morgan Zurn determined July 17 following a Delaware Court of Chancery hearing.
Zurn's dismissal with prejudice of two claims brought this spring by Realogy against SIRVA, which is also a relocation company, and its affiliates took the maximum amount of relief Realogy can pursue in the case down from potential enforcement of what was originally a $400 million purchase agreement to the possibility of being awarded a $30 million termination fee.
The decision was made the same day oral arguments were made via Zoom, with Zurn stating she found, based on what was presented by Andrew Kassof, of Kirkland & Ellis, who argued the case on behalf of SIRVA, that Realogy, not SIRVA, caused the conditions of the deal to fail.
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