Parts Supplier Tried To Loot $60M Enviro Fund, Suit Says

Law360, New York (August 23, 2016, 6:28 PM EDT) -- A Wisconsin family who sold their leather-car-seat business to Lear Corp. is now suing the auto parts supplier in Delaware federal court to void an allegedly bad faith claim on a $59.5 million environmental escrow fund set up during the acquisition.

ESG Holdings LLC, which is controlled by trusts that benefit the Hauske family, had sold leather car seat manufacturer Everett Smith Group Ltd. to Lear for $850 million cash last year, according to Tuesday's suit. And $59.5 million of that money was put in escrow to cover certain liabilities and be paid out to ESG if no claims arose within...

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