2nd Circ. Reverses $65M Contract Verdict For Highland

Law360, New York (June 14, 2010, 4:33 PM EDT) -- A federal appeals court has reversed a $65 million jury verdict against the former owners of two apparel businesses over a broken agreement to sell promissory notes to Highland Capital Management LP and others.

The evidence in the case cannot support a finding that parties in the case had either actual or apparent authority to make a contract or even that they had agreed to sell the notes, the U.S. Court of Appeals for the Second Circuit said Friday.

Highland and RBC Dominion Securities Corp. had...
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