Chancery Rejects $122M Damages Bid Over Plimus Deal
By Rose Krebs (February 27, 2020, 6:21 PM EST) -- A Delaware Chancery judge on Thursday rejected most of a private equity investor's roughly $122 million bid for equity-based damages in connection with its acquisition of the former Plimus payment processing business, instead awarding minimal damages related to a limited fraud claim and fines.
In a memorandum opinion, Vice Chancellor Sam Glasscock III also rejected Great Hill Equity Partners IV LP's unjust enrichment claim against Plimus' shareholders related to Great Hill's purchase of Plimus — now known as Blue Snap Inc. — for $115 million in 2011.
Plimus had performed below Great Hill's expectations after the merger, and Great Hill sued...
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