In a rare case where a Delaware Court of Chancery vice chancellor overturned both an arbitrator’s award and a master in chancery’s upholding of the award, the state Supreme Court wrestled with the trial court’s authority to vacate arbitration rulings.
Garda USA, an affiliate of Quebec-based Garda World Security, paid $67.3 million to Charlotte, N.C., conglomerate SPX C.A. for Vance International, a security-guard services firm. After the 2006 transaction was completed, Garda initiated arbitration proceedings against SPX challenging the stock purchase agreement. Garda alleged that the appropriate reserve for Vance’s workers’ compensation claims was almost twice than what the seller had reserved, according to court documents.
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