NY Court Restores Wyle’s Suit Over $235M Merger

Law360, New York (February 18, 2014, 5:22 PM EST) -- A New York appeals court on Tuesday revived a breach of contract claim in a suit in which Wyle Inc. alleged ITT Corp. failed to disclose a government audit on a lucrative contract when it sold aerospace subsidiary CAS Inc. to Wyle for $235 million.

The court overturned a 2012 decision by New York Supreme Court Judge Charles E. Ramos to toss Wyle’s breach of contract claim, which sought indemnification for losses caused by the allegedly undisclosed audit. The claim was dismissed on the basis that...
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