Cendant Loses Appeal Of $98M Judgment

By Leigh Kamping-Carder (July 23, 2009, 10:47 PM EDT) -- Following nearly a decade of litigation, Cendant Corp. has lost an appeal of an almost $98 million judgment in a suit launched by CSI Investment Partners II Inc. accusing the disgraced travel and real estate giant of breaching an acquisition agreement and committing securities fraud.

A three-judge panel in the U.S. Court of Appeals for the Second Circuit affirmed the lower court's ruling on July 1 for reasons stated in the earlier opinion, according to a mandate released on Wednesday.

"We fought them for almost a decade and we have an absolute victory," said Sean F. O'Shea, an attorney with O'Shea...

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