Oil Appraiser Ducks Fraud Claims Over $24M Investment

Law360, New York (April 5, 2012, 6:53 PM EDT) -- A Texas appeals court on Thursday affirmed the dismissal of fraud and negligent misrepresentation claims against Ryder Scott Co. after financial firms, including Highland Capital Management LP, accused the oil industry engineering consultant of overestimating reserves underlying their $23.6 million investment.

A three-judge panel for the Texas Court of Appeals, First District, said that the financial firms had not offered enough evidence to show their alleged losses in purchasing roughly $23.6 million in unsecured bonds from oil and gas exploration company Seven Seas Inc. based on...
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