The Delaware Supreme Court has reversed a $15.1 million award to NorthPointe Capital, ruling that the Superior Court improperly interpreted and reformed a contract between the plaintiff and its former majority owner.
The state Supreme Court on March 18 said the lower court’s final judgment against defendant Nationwide Emerging Managers went against the provisions of a purchase agreement between the parties. The case was remanded to the Superior Court to determine whether NorthPointe is entitled to termination fees of no more than $3.5 million, or whether Nationwide can invoke an exception.
