SPX Corp. v. Garda USA

CONCLUDED

Oral Argument
11/06/13 – 11/06/13

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Summary

This matter arises out of the sale of the capital stock of Vance International from SPX Corporation to Garda USA, Inc. pursuant to an Amended Stock Purchase Agreement effective December 31, 2005. Garda contested the calculation of the workers' compensation reserve component of the working capital calculation used in determining the sale price. Garda demanded arbitration of the disagreement under the arbitration provisions of the SPA. Arbitration resulted in an award favorable to SPX. On December 15, 2011, Garda filed a complaint in the Delaware Court of Chancery requesting to vacate the award dated October 11, 2011. Vice Chancellor J. Travis Laster issued an oral and written opinion vacating the award. In this oral argument before the Delaware Supreme Court, SPX contended that the lower court erred in vacating the arbitrator' award.

Outcome

The judgment of the Court of Chancery was reversed and the case was remanded for further proceedings.

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