Castle Harlan Has Case Dismissed

In recent news, the New York Supreme Court, Appellate Division just dismissed a seven-count complaint that was brought by the Russian-owned companies Norcast S.ár.l and Pala Investments Ltd. against Castle Harlan Inc. In 2011, Castle Harlan purchased a Canadian mining products company, Norcast Wear Solutions, and the plaintiffs claimed that Castle Harlan purchased it from them for $190 million in a private sale and sold in four hours later for a higher price. Castle Harlan was cleared of all wrong doing, as the Appellate Division, First Department explained that there was not a no-flip clause in the share purchase agreement and that no actionable wrongdoing could be proven.