Litigation partners Allan Arffa, Jeff Recher and Andy Bouchard and counsel Bob Kravitz were named sole runners up for “Litigator of the Week” by The American Lawyer for their complete victory at the Illinois Supreme Court on behalf of privately held data analytics company Mu Sigma, Inc., and its founder and CEO Dhiraj Rajaram in a long-running lawsuit brought by former Mu Sigma investor Walworth Investments. In a unanimous decision, the court reversed an Illinois Appellate Court decision that had reinstated fraud and breach of fiduciary duty claims brought by Walworth, and affirmed the trial court ruling dismissing the case, ending a hard-fought litigation that lasted nearly seven years.
Walworth had been seeking nearly $650 million in damages, claiming it was misled into selling its stake in the company for less than it was worth by allegedly false statements made to a Walworth principal by Mr. Rajaram. However, the Paul, Weiss team successfully demonstrated that the stock repurchase agreement, “considered as a whole, reveals a clear disclaimer of reliance by the plaintiff on extracontractual statements made by the defendants,” as the Illinois Supreme Court noted. Allan Arffa argued the appeal.
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