Loopstra Nixon succeeds in obtaining summary judgment on a share purchase agreement.
Loopstra Nixon LLP (“LN”) successfully obtained judgment for approximately $1.5m for its clients.
In reasons issued on September 13, 2019, the Honourable Justice Chalmers granted summary judgment to LN’s clients, who were the plaintiffs in the action. The case arose out of the sale of the shares of a numbered company that owned a quarry and licence. The defendants did not pay a substantial portion of the purchase price for the shares and did not pay amounts owed under a mortgage secured against the quarry. Justice Chalmers rejected the defendants’ claim that they were induced to enter into the share purchase agreement by misrepresentations allegedly made by the plaintiffs and held that the defendants were obligated to pay the purchase price and indemnify the plaintiffs in respect of the mortgages.
LN’s clients were ably represented by Michael McWilliams and Christophe Shammas with Christophe Shammas arguing the motion for summary judgment.