Lincolnshire Management Inc, the private equity fund manager, filed an arbitration case seeking USD11 million in damages against its former President and CEO Steven J, Kumble for breach of contract. A decision was made by retired federal judge John Bisselln who was the arbiter in the case.
After eight days of arbitration meetings and discussions, a decision was reached slashing the damage claims by the company and awarding nearly USD1.4 million plus interest to Mr. Kumble. The award to the former CEO of the company was for the counteclaim against the company for withholding funds as an investor in the private equity funds. Also included in the claim would be unathorized litigation management fees that would be charged to the fund as well as unauthorized deductions by Lincolnshire.
The decision was promulgated last August 5, 2013 but the petition to keep the arbitration decision confidential was denied by the arbiter.
The lawyers for Lincolnshire and CEO Thomas Maloney were Kirkland & Ellis LLP with Leader and Berkon LLP.
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