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Law360 Covers Steptoe’s Victory in Commodities Suit Oral Settlement

July 14, 2017

Law360 covered Steptoe’s appellate victory in an article titled “Commodities Suit Oral Settlement Not Enforceable: NJ Court.” On July 11, the New Jersey Appellate Division reversed a lower court’s order enforcing an oral settlement in a dispute over the purchase of interest in a commodities trading firm, citing indicators that the purchaser hadn’t agreed the matter was resolved. The three-judge panel’s ruling handed a victory to MFC Resources Inc. and subsidiaries, which sued ACC Resources Co. LP owner Juergen Homann and his related business entities after initially purchasing a majority interest in his company and later clashing over the price of Homann’s remaining interest.

MFC is represented by New York partner Charles Michael, who tells Law360 that he was pleased with the decision.  

The full article can be read at Law360 (subscription required).