PNC Wins Appeal Over Griffith Oil Purchase Deal

Law360, New York (April 18, 2011, 3:35 PM EDT) -- Williamson Acquisition Inc. and Argilus LLC showed no evidence that PNC Equity Management Corp. violated a confidentiality agreement by acquiring Griffith Oil Co. without them, the Second Circuit ruled Monday in a win for the PNC Bank investment unit.

Even if there were similarities in a PNC's 2003 revised proposal to buy the oil company, that alone wouldn't show PNC violated its 2002 agreement with Williamson and Argilus, the Second Circuit said in a per curium ruling.

Argilus and Williamson have been fighting in court since...
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