Calculating Damages In Securities Contract Breach Cases

Law360, New York (October 8, 2015, 11:57 AM EDT) -- Marcia Kramer Mayer

Jeffrey D. Fisher In January 2012, the founder and then-CEO of Gulf Keystone Petroleum Ltd. settled his divorce by agreeing to deliver 23 million shares of GKP stock to his ex-wife by the 27th of that month. Failing to deliver any shares on time, Todd Kozel instead sporadically delivered increasing quantities over the course of almost five weeks, during which time the stock soared to a record high on takeover rumors but then reversed course as the rumors were dispelled. The ensuing litigation presented a unique "damages" fact pattern for the plaintiff because the stock closed higher on...

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