Dismissal of IM Trade Dispute Against Seaport Secured

Luxor Breach of Instant Messaging Contract Suit Dismissed
– HFMWeek

HFMWeek covered Manatt’s trial victory on behalf of Seaport Group Securities, for which the firm secured the dismissal of an alleged breach of contract brought by Luxor Capital over a trade discussed via instant message. A New York judge dismissed Luxor’s claims that instant messages between Luxor’s staff and Seaport Group regarding the potential purchase of pre-IPO Twitter shares created a binding contract.

Litigation partner Ron Blum, who led the Manatt team with partner Prana Topper, told HFM Week that the ruling demonstrated that transactions involving private securities require more than just an agreement on price and quantity to form a binding contract. “Because they’re private, there are usually other material issues that need to be agreed upon, because these are complicated transactions, said Blum.”

In addition to Blum and Topper, Manatt’s trial team also included associate Jeremy Lacks.

Read the article here