5th Circ. Wipes $136M In Damages From GE's Slate

Law360, New York (October 17, 2008, 12:00 AM EDT) -- Nearly nine years after an energy project developer accused General Electric Capital Corp. of breach of fiduciary duty, fraud and conspiracy, a panel of appeals judges on Thursday reversed a trial court decision, handing the company a victory because of an indemnification agreement.

A three-judge panel in the U.S. Court of Appeals for the Fifth Circuit ruled against Canatxx Energy Ventures Inc. and nullified more than $136 million in damages.

The case stems from an agreement between the companies that initiated the early stages of a...
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