3rd Circ. Tosses Suit Over $1.4M Arbitration Award

Law360, New York (October 21, 2009, 2:44 PM EDT) -- A federal judge was right to toss an investor group's challenge to an arbitrator's $1.4 million award, made under a stock purchase agreement, to McKechnie Ltd. over environmental settlements, an appeals court has ruled.

Tuesday's ruling, in the U.S. Court of Appeals for the Third Circuit, upheld McKechnie's claim to money in an environmental settlement escrow account established when McKechnie bought Western Sky Industries LLC from shareholders.

After an arbitrator upheld McKechnie's claim, the sellers, including former Western Sky co-CEO Washburn S. Oberwager, challenged the award...
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