Circuit City Sues Sharp Over $3M Contract Breach

Law360, New York (November 23, 2009, 7:04 PM EST) -- Bankrupt Circuit City Stores Inc. has filed an adversary suit against Sharp Electronics Corp., seeking to avoid $13.8 million in preferential transfers and claiming that Sharp breached a contract and owes it $2.8 million.

Circuit City on Monday filed an adversary complaint in the U.S. Bankruptcy Court for the Eastern District of Virginia, claiming Sharp breached the contract and unjustly enriched itself by failing to compensate Circuit City properly.

Sharp in January filed a proof of claim asserting an unsecured claim of almost $1.2 million for...
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