Maxim Didn't Botch Promissory Note Deal, 2nd Circ. Says

Law360, New York (May 2, 2013, 5:02 PM EDT) -- The Second Circuit on Thursday upheld a ruling that tossed a misrepresentation suit against investment bank Maxim Group LLC and private equity firm Aramid Entertainment Fund Ltd. over a botched deal for a promissory note, finding there was no binding agreement in place.

A three-judge panel held that prior to Maxim's contemplation of executing a written agreement with CAC Group Inc., a Delaware corporation, to purchase Maxim's interest in a promissory note for $250,000, there was no intent by the parties to go through with the...
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