$5.5 Million Fintech Earnout Dispute Finding Upheld

07.02.2025
Firm News

In a succinct, two-sentence order, the Delaware Supreme Court on Friday, June 27, 2025, upheld the dismissal of breach claims against Morris Nichols client Financial-Information-Technologies LLC (Fintech) and Fintech Holdco. In January 2024, STX Business Solutions LLC sued Fintech on claims of breaching an asset purchase agreement that involved a $5.5 million earnout provision. The Delaware Court of Chancery dismissed the suit in October 2024, finding the plaintiffs failed to plead facts supporting an interference of bad faith. Together with Goodwin Procter, Morris Nichols attorneys Ryan Stottmann and Cassandra Baddorf successfully defended Fintech in the Chancery action and the appeal.

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