Appeals Court Hands GLCA Securities, LLC a Complete Victory Against AGC Networks, Inc., Affirming Award of Summary Judgment and Attorneys' Fees, and Directing Entry of Judgment on Damages As Well
NEW YORK, July 12, 2021 /PRNewswire/ -- Amini LLC announced that the Appellate Division, First Department affirmed an award of summary judgment in favor of its client, GLCA Securities, LLC ("GLC"), against AGC Networks, Inc. ("AGC") for breach of contract, and further affirmed GLC's entitlement to its attorneys' fees for pursuing the lawsuit.
GLC and AGC entered into an agreement whereby GLC provided financial advisory and investment banking services to AGC with respect to its acquisition of a third-party entity. Over the course of several months, GLC advised AGC on the financing of the transaction, culminating in a successful $82 million acquisition. However, AGC refused to pay the financial advisory fees owed to GLC under their Agreement.
Represented by Lita Beth Wright and Noam Besdin of Amini LLC, GLC successfully moved for pre-discovery, partial summary judgment in the Supreme Court of the State of New York, avoiding the time and expense of the discovery process and securing judgment on liability against AGC. The court further awarded GLC its attorneys' fees and expenses pursuant to the agreement's indemnification provision. The Supreme Court did not reach a determination as to the amount of GLC's damages, however, referring calculation of that amount to a special referee.
AGC appealed both the liability finding and the award of attorneys' fees to the Appellate Division. GLC cross-appealed, arguing that while the award of partial summary judgment and attorneys' fees should stand, the trial court had erred in referring the calculation of GLC's damages to a referee because the calculation of that amount was straightforward under the Agreement and did not require a hearing.
In May 2021, the Appellate Division affirmed the lower court's grant of partial summary judgment to GLC and its entitlement to attorneys' fees and expenses for enforcing the parties' agreement. GLC also won its cross-appeal, with the Appellate Division vacating the trial court's reference of the damages calculation to a special referee, and ordering the trial court to enter judgment in GLC's favor pursuant to the terms of the contract.
In announcing the Appellate Division's decision, Lita Beth Wright of Amini LLC said, "We are pleased by the Appellate Division's decision. Our goal was to achieve a successful result for GLC and to ensure not only that GLC's rights to its hard-earned advisory fees were enforced, but that they were enforced as swiftly and cost-effectively as possible."
About GLCA Securities, Inc.
GLCA Securities, Inc. is a leading independent investment banking advisory firm focused on senior-level expertise, long term relationships and objective guidance. With approximately 50 investment banking professionals and offices in New York, Denver and San Francisco, GLCA Securities, Inc. provides conflict-free advice on mergers & acquisitions, capital raising and financial restructurings.
About Amini LLC
Amini LLC represents clients nationally in complex commercial disputes. The firm has prosecuted and defended a wide variety of claims involving contracts, bankruptcies, trade secrets, trademarks, corporate control, breach of fiduciary duty, shareholder rights, business valuation issues, employment, covenants not to compete, business torts and professional malpractice.
Contact:
For Amini LLC:
Melissa M. Krantz
Krantz and Company
917-653-6716
[email protected]
SOURCE Amini LLC
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