Dallas, TX -- A Texas state court jury Friday rejected a $16 million damages claim brought by Oregon Ice Cream LLC's buyer, which alleged it overpaid for the business in a $33 million acquisition after the sellers misrepresented the company's financial well-being.
After a two-week trial in Collin County District Court, the jury returned a take-nothing verdict against OIC Holdings LLC, and rejected counterclaims brought by sellers Tom and Julie Gleason based on alleged breaches of their employment agreements with the company, according to court records. Oregon Ice Cream, which was sold in 2014, is behind the brands Julie’s Organic Ice Cream, Alden’s Organic Ice Cream and Cascade Glacier, which make packaged ice cream and other frozen treats for consumers and for food service.
The Gleasons were represented by David Markowitz of Markowitz Herbold, Mitch Little and Andrea Bouressa of Scheef & Stone LLP and Joseph Franco of Holland & Knight.
Read the complete article at Law360.