Haynes and Boone, LLP won a significant appellate victory yesterday for the firm’s client, ARGO Data Resource Corporation. The Dallas Court of Appeals reversed a judgment in a shareholder oppression case and rendered a take-nothing judgment in favor of ARGO. The court also reversed and rendered a take-nothing judgment on contract and derivative claims the minority shareholder asserted against Max Martin, ARGO’s majority shareholder. Mr. Martin was represented by Carrington Coleman. The original judgment in the trial court had ordered, among other items, that ARGO to pay a dividend of $85 million to its shareholders.
“This is a significant win for ARGO and for Max,” said David Harper, a partner at Haynes and Boone, LLP, who led the trial defense team.
Partner Tom Harris noted, “ARGO’s and Max’s dedication to seeing the case through to the final resolution on appeal shows their steadfast belief in the merits of their case.”
Haynes and Boone argued that plaintiff Balkrishna Shagrithaya, ARGO’s minority shareholder, failed to show that any conduct was oppressive or fraudulent or that Mr. Shagrithaya had suffered any harm. The appellate court meticulously worked through each jury finding and found no basis for oppression or fraud. The court reached the same conclusion on the contract and derivative claims Mr. Shagrithaya asserted against Mr. Martin.
The ARGO appellate team of Haynes and Boone Fort Worth Partner Karen Precella and Dallas Partner Nina Cortell were joined on appeal by the defense team of David Harper and Fort Worth Partner George Parker Young. Jason Bloom and Scott Ewing, both Dallas associates at the firm, also assisted at trial. Martin’s appellate team was led by Lyndon Bittle who was joined on appeal by the trial team of Tim Gavin, Kelli Henson and Tim Chastain, all of Carrington Coleman.
The case is styled ARGO Data Resource Corporation and Max Martin, Appellants v. Balkrishna Shagrithaya, individually and derivatively in the name of ARGO Data Resource Corporation, Appellee, 05-10-00690-CV in the Court of Appeals, Fifth District of Texas at Dallas.
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