CCM Rochester, Inc. v. Federated Investors, Inc.
| CCM Rochester, Inc. |
| Federated Investors, Inc. |
| 1:2014cv03600 |
| May 20, 2014 |
| US District Court for the Southern District of New York |
| Foley Square Office |
| Monroe |
| Valerie E. Caproni |
| Other Contract |
| 28 U.S.C. ยง 1332 |
| Plaintiff |
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Filing
98
OPINION & ORDER re: 76 MOTION for Summary Judgment filed by Federated Investors, Inc. For the foregoing reasons, Federated's motion for summary judgment is GRANTED in its entirety. The Clerk of Court is respectfully directed to terminate Dkt. No. 76 and close this case. (Signed by Judge Valerie E. Caproni on 2/10/2017) (cla)
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Filing
21
OPINION & ORDER re: 8 MOTION to Dismiss filed by Federated Investors, Inc.: Given the state of the economy during the time period that is at issue, the fact that CCM received any payout based on growth of revenue is impressive. Mo reover, the fact that marketing may not have occurred exactly as discussed during the courtship of CCM is some evidence, but it is not overwhelmingly strong circumstantial evidence, of Federated's intent at an earlier, more economically-upbea t time. CCM has adequately alleged that Federated never intended to follow through on its representations that if its acquisition offer was accepted Federated would support the growth and expansion of the Clover products and that Federated made th ose misrepresentations to induce CCM to agree to backload a portion of the consideration through future payments tied to growth. In short, CCM's claim of fraud is at the edge of plausibility, but it is enough to cross "the line between po ssibility and plausibility of 'entitlement to relief.'" Twombly, 550 U.S. at 557. Similarly, CCM has adequately alleged a breach of contract claim based on allegations that Federated's acts and omissions during the Earnout Perio d were intentionally undertaken to harm CCM's Earnout Payments in breach of an implied covenant of good faith and fair dealing. Whether CCM can adduce proof to demonstrate these claims remains to be seen. Count Two of the Complaint is DISMISSED. In all other regards, Defendant's motion to dismiss is DENIED. The Clerk of Court is directed to terminate Docket Entry 8. (Signed by Judge Valerie E. Caproni on 11/25/2014) (tn)
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