2nd Circ. Revives Suit Over $307M Ness Sale

Law360, New York (February 14, 2013, 5:19 PM EST) -- The Second Circuit reopened Vector Capital Corp.'s suit against Ness Technologies Inc. on Thursday, saying the private equity firm properly alleged a breach of an exclusivity contract with Ness, which sold itself for $307 million to a Citigroup Inc. unit.

Vacating a lower court's March dismissal and remanding the case back to district court, the Second Circuit ruled that Vector had made enough factual claims that Ness could have possibly had improper discussions with Citi Venture Capital International during an exclusivity period with Vector. As such,...
To view the full article, register now.