Release Bars $4M Award In Energy JV, Texas Court Says

Law360, Houston (January 2, 2013, 5:57 PM EST) -- A Texas appeals court on Friday tossed a $4 million award against three oil and gas companies, finding that a former partner’s fraud claims arising out of a failed joint venture had been released in a bankruptcy settlement that preceded the lawsuit.

The Texas Court of Appeals for the Fourteenth District ruled that a settlement agreement Frankel Offshore Energy Inc. signed releasing future “fraudulent inducement” claims against former business partners Texas Standard Oil & Gas LP, Grimes Energy Co. and PetroVal Inc. was enforceable, overturning the...
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