Simpson Thacher Wins Affirmance of Summary Judgment in Favor of Blackstone
In a decision issued on March 31, 2011, the Appellate Court of Illinois, First Judicial District, affirmed the grant of summary judgment to Blackstone, the Firm’s client, and co-defendant Battery Partners VI, L.P.
The case concerned Blackstone and Battery’s November 2000 investment in the London International Financial Futures Exchange (“LIFFE”). Plaintiff alleged that Blackstone and Battery reneged on an oral agreement to grant him an equity interest in LIFFE in exchange for his services. Plaintiff alternatively contended that even if he had no enforceable contract, he was entitled to compensation on a theory of promissory estoppel. The Appellate Court of Illinois affirmed the Circuit Court’s summary judgment ruling in favor of Blackstone and Battery, holding that Plaintiff could not establish claims for breach of contract or promissory estoppel.
The STB team consisted of Bruce D. Angiolillo, Mark D. Villaverde, Ellen L. Frye and former associate Jason S. Stone, with assistance from paralegal Stephanie Crosskey.