NY Court Snuffs Contract Suit Against Ex-Black Diamond Exec

Law360, New York (February 14, 2013, 6:57 PM EST) -- A New York appeals court on Thursday affirmed the dismissal of Black Diamond Capital Management LLC's breach of contract and other claims against one of its founders who started his own private equity fund, but didn't find whether he is entitled to $17.5 million in carried interest.

The appeals court ruled that even if Zenni's disclosures about imminent sales of certain companies violated a 2006 membership interest and redemption agreement with the firm, it would not support a breach of contract claim because there is not...
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