Portal Sues Ascension For $5M Over Purchase Deal

Law360, New York (March 22, 2011, 3:08 PM EDT) -- Portal Group Holdings Inc. launched a suit in a New York state court Thursday seeking $5 million in earnout compensation Ascension Insurance Inc. and its subsidiaries allegedly owe under an agreement to purchase the insurance brokerage and benefits administration business.

Defendants Ascension, PXX Insurance Agency Inc., EBSC Inc. and private equity firm Parthenon Capital Inc. have breached the parties' June 2009 asset purchase agreement by failing to pay the $5 million medical census performance payment that was part of the purchase price for the plaintiff's business,...
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