Wyle Loses Suit Over Undisclosed Audit In $235M CAS Buy

Law360, New York (November 15, 2012, 12:31 PM EST) -- A New York state judge has dismissed Wyle Inc.'s lawsuit over ITT Corp.'s alleged failure to disclose a government audit on a lucrative contract when it sold defense and aerospace contractor CAS Inc. to Wyle for $235 million, according to court records made public Thursday.

Wyeth’s claims seeking indemnification over the losses caused by the undisclosed audit are fatal because the company never told ITT about its post-sale negotiations with the government over the acquired contracts, according to an opinion penned Oct. 31 by New York...
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