Partner Re awarded $10.9 million in damages for failed merger

RPM is also on the hook for fascination.

Decide Engelmayer observed that RPM had “willfully breached its obligations” less than the merger agreement.

Loved ones-owned California-based mostly mortgage bank RPM was meant to get a major share in Entitle Direct Team, an Ohio-dependent title insurance policy enterprise owned by Spouse Re, but RPM unsuccessful to display up at the June 2017 closing, according to the judge’s belief and get files.

Husband or wife Re brought the situation on behalf of Entitle, naming RPM in the accommodate alongside CEO Robert Hirt, previous RPM president Tracey Hirt, and the Robert Hirt and Tracey Najarian Hirt Residing Trust.

RPM had levelled a counterclaim to the action.

The house loan financial institution experienced sought to blame “purported breaches” by Entitle for the no clearly show, while searching for to re-negotiate the offer on “materially extra favorable terms”, the court files claimed.

In a choice that labelled Robert Hirt “weasely”, Choose Engelmayer found in favor of Spouse Re.

Robert Hirt, Tracey Hirt, and the Robert Hirt and Tracey Najarian Hirt Living Rely on had been all identified to be not individually liable for a breach of deal beneath a principle of alter ego liability.

Partner Re was uncovered not liable for breach of contract, as alleged by RPM.

Roche Freedman companion and direct attorney representing Husband or wife Re, Amos Friedland explained: “We are happy that the court’s very extensive belief has vindicated PartnerRe’s entitlement to the complete damages it sought for RPM’s lousy religion refusal to shut underneath the parties’ merger agreement.”

Lend US has been approached for remark.