Meris Financial Inc. v. Vitech America Inc., William St. Laurent
Published: Oct. 11, 2001 | Result Date: Jul. 13, 2001 | Filing Date: Jan. 1, 1900 |Case number: 981096 – $0
Facts
In 1995, the plaintiff invested in defendant, Vitech, when it was a privately-held company and St. Laurent was its president. The investment was in the form of a loan that plaintiff could convert to stock in Vitech. The plaintiff also obtained options to obtain additional Vitech stock. Several months after the investment was made, the parties agreed to modify the arrangement whereby the plaintiff gave up its right to obtain Vitech stock in exchange for an accelerated loan repayment schedule. After the loan agreement was modified and the loan was repaid, Vitech effected an initial public offering.
Settlement Discussions
The plaintiff demanded $4.5 million dollars, indicating a willingness to accept something less in the seven-figure range. The defendants offered $150,000, indicating a willingness to go significantly higher. The defendants reduced their offer to $25,000 before trial.
Damages
The plaintiff sought lost profits of $10 million dollars plus punitive damages.
Deliberation
nine hours
Length
10 days
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