Ropes & Gray Litigation Team Obtains Dismissal for LPL Holdings Subsidiary and CEO
On March 24, Judge Anne Thompson of the U.S. District Court for the District of New Jersey issued a decision granting in its entirety a motion to dismiss tortious interference and civil conspiracy claims against Ropes & Gray's clients, a subsidiary of LPL Holdings and its CEO.
The case arose out of LPL's acquisition in 2011 of Concord Capital Partners. Under the terms of the stock purchase agreement, plaintiffs, the former owners of Concord, are entitled to earn-out and bonus payments if Concord achieves certain performance milestones. The plaintiffs alleged that our clients diverted business from Concord and otherwise wrongfully interfered with its ability to hit the performance milestones. The Ropes & Gray team moved to dismiss the complaint on multiple grounds, including lack of standing and failure to state a claim. Oral argument was heard by the Court in early February.
The Ropes & Gray team was led by securities & shareholder litigation partner Bob Fischler, and included litigation associate Helen Gugel. Saiber LLC is New Jersey counsel for our clients.