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Stock sellers lose opening legal battle over buyer’s environmental claim

In November 2007, Sellers of Target agreed to sell Target to Buyer through a stock purchase agreement. When the sale closed in December 2007, Sellers placed $16.7 million into escrow to secure any post-closing claims that Buyer might assert. Target’s

Posted in environment representations and warranties, escrow, indemnification, representations and warranties

Buyer of business not barred from pre-closing products liability indemnification because 2-year survival provision applied only to rep & warranty breach

Buyer (based 15 miles east of South Bend, Indiana) provides restraint systems for applications, including child seats, school buses, trucks, recreational and construction vehicles, and agricultural equipment. Target (based out of Oklahoma City) manufactures and supplies seat belts and seat

Posted in indemnification, survival of reps and warranties

Seller of lawn and garden business loses $8.6 million of escrowed purchase price because it made an untimely objection to buyer’s indemnification claim

The buyer purchased a lawn and garden business from the seller in February of 2015. Among the assets acquired were equipment and machinery to manufacture plastic pots, flats, trays and other items used to grow and sell plants. The condition

Posted in indemnification, timely objection to indemnification claim

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