JC Flowers Escapes Suit Over Thwarted $104M Insurer Buy

Law360, New York (February 7, 2012, 2:41 PM EST) -- A New York state appeals court on Tuesday spared private equity firm J.C. Flowers & Co. LLC from facing a lawsuit alleging it improperly killed a $104 million deal to buy an insurance company from another private equity firm.

The dispute centers on a failed deal by J.C. Flowers and others to buy $104 million worth of stock in Direct Response Corp. from funds formerly affiliated with Morgan Stanley's private equity arm that are now a part of Metalmark Capital Holdings LLC.

The Metalmark funds and...
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