October 29, 2009

Summary Judgment Granted in Partnership Dispute Case

The Superior Court of New Jersey granted summary judgment in a Partnership dispute case where the Plaintiffs were seeking fair value for their interest in a Partnership. GBV partner Peter R. Yarem and associate Gregory E. Tomczak represented the Defendants, a New Jersey Limited Partnership and its General Partner. The Court ruled that the Plaintiffs had no statutory right to withdraw from the Partnership and dismissed their Complaint for fair value. As a result, the Plaintiffs received $22,500 instead of the $4.9 million which they sought to recover.