MMI Must Pay Oppenheimer $10.5M For Advisory Contract

Law360, Wilmington (June 20, 2011, 9:19 PM EDT) -- A New York federal judge on Monday handed a $10.5 million judgment to Oppenheimer & Co. Inc. for breach of contract stemming from advisory fees owed by Metal Management Inc., which refused to pay when its financial adviser merged with Oppenheimer in 2007.

U.S. District Judge Laura Taylor Swain found that Metal Management’s obligations survived the merger between Oppenheimer and CIBC World Market Corp., which had advised the metal recycling company on its acquisition of Sims Group Ltd..

But the Oppenheimer-CIBC deal wrapped up in the...
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