Arnold & Porter LLP Obtains Victory in Contract Dispute for Scott-Macon Securities, Inc.
NEW YORK, April 11 2014 -- The Hon. Jeffrey K. Oing of the Supreme Court of New York County recently ruled in favor of Arnold & Porter client Scott-Macon Securities, Inc. in its lawsuit against Niacet Corporation alleging the breach of an agreement whereby Scott-Macon was to act as the exclusive adviser in connection with a third party transaction.
Arnold & Porter moved for summary judgment before a single deposition was taken. After extensive oral argument, judgment was entered on March 31, 2014 in favor of Scott-Macon in the amount of nearly $1.5 million, including pre-judgment interests and costs.
The Arnold & Porter team was led by partner Stewart Aaron with assistance from associate Meredith Esser.
Scott-Macon is one of the oldest independent investment banks in the United States with an emphasis on the middle market. This case represents the second victory by Arnold & Porter in favor of Scott-Macon as plaintiff. Previously, Arnold & Porter conducted a bench trial before Chief Judge Mukasey in the U.S. District Court for the Southern District of New York on behalf of Scott-Macon against Zoltek Companies, Inc. Scott-Macon had sued Zoltek for warrants and placement fees due under an agreement between them.