Texas Court Kills $1.8M Corilant Verdict Over Failed Merger

Law360, New York (July 31, 2012, 10:25 PM EDT) -- A Texas appeals court on Monday found that a merger agreement signed by investment advisory firm Fiduciary Financial Services of the Southwest Inc. was unenforceable, reversing a $1.8 million jury verdict Corilant Financial LP obtained when the deal fell through.

The Fifth Court of Appeals held that a binding letter of intent inked by the companies outlining the basic terms of an anticipated acquisition by Corilant was too indefinite to be enforced.

“We will not supply an essential term that the parties did not or could...
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