Morgan Keegan Sues Chestnut For $1M Exxon Deal Fee

Law360, New York (February 4, 2011, 6:05 PM EST) -- Morgan Keegan & Co. Inc. has accused Chestnut Petroleum Distributors Inc. of not paying a $1.1 million bill after the brokerage firm advised the company in its $111 million acquisition of 65 Exxon Mobil Corp. gas stations and convenience stores.

Morgan Keegan filed a complaint Wednesday in the U.S. District Court for the Northern District of New York alleging Chestnut and its unit CPD NY Energy Corp. did not honor a contract that required the companies to pay Morgan Keegan a success fee of 1 percent...
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