Sunday, February 5th, 2023

Companion Re awarded $10.9 million in damages for failed merger

RPM can also be on the hook for curiosity.

Choose Engelmayer discovered that RPM had “willfully breached its obligations” below the merger settlement.

Household-owned California-based mortgage financial institution RPM was meant to purchase a serious share in Entitle Direct Group, an Ohio-based title insurance coverage firm owned by Companion Re, however RPM failed to point out up on the June 2017 closing, in response to the decide’s opinion and order paperwork.

Companion Re introduced the case on behalf of Entitle, naming RPM within the swimsuit alongside CEO Robert Hirt, former RPM president Tracey Hirt, and the Robert Hirt and Tracey Najarian Hirt Dwelling Belief.

RPM had levelled a counterclaim to the motion.

The mortgage financial institution had sought in charge “purported breaches” by Entitle for the no present, whereas looking for to re-negotiate the deal on “materially extra favorable phrases”, the courtroom paperwork stated.

In a call that labelled Robert Hirt “weasely”, Choose Engelmayer present in favor of Companion Re.

Robert Hirt, Tracey Hirt, and the Robert Hirt and Tracey Najarian Hirt Dwelling Belief have been all discovered to be not personally answerable for a breach of contract below a idea of alter ego legal responsibility.

Companion Re was discovered not answerable for breach of contract, as alleged by RPM.

Roche Freedman accomplice and lead lawyer representing Companion Re, Amos Friedland stated: “We’re happy that the courtroom’s extraordinarily thorough opinion has vindicated PartnerRe’s entitlement to the complete damages it looked for RPM’s unhealthy religion refusal to shut below the events’ merger settlement.”

Lend US has been approached for remark.


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