Walgreen Sued Over Reneging On $1.4M Buyout Offer

Law360, New York (October 14, 2009, 4:19 PM EDT) -- A store owner in Oklahoma has sued Walgreen Co. alleging breach of contract and fraud claims related to a $1.44 million buyout agreement the drugstore chain later rescinded.

Newcastle Drug Inc., a locally owned retail pharmaceutical business in Newcastle, Okla., claims Walgreen offered to buy the business to eliminate competition in its Newcastle market, then refused to pay the agreed-upon price, according to a suit lodged Tuesday in the U.S. District Court for the Western District of Oklahoma.

An attorney for Newcastle told Law360 on Wednesday...
To view the full article, register now.