Cahill Prevails in Second Circuit Appeal on Behalf of MarineMax, Inc.
On August 28, 2014, the United States Court of Appeals for the Second Circuit affirmed the District Court’s grant of summary judgment in favor of Cahill’s client MarineMax, Inc., the nation’s largest recreational boat dealer. In connection with their sale of their business to MarineMax, the plaintiffs acquired restricted MarineMax stock. Plaintiffs alleged that MarineMax later breached duties of good faith and fair dealing by failing to assist them in the lifting of the stock restrictions. The Second Circuit affirmed the District Court’s decision on the grounds that no rational jury could find that MarineMax acted in bad faith, and that plaintiffs failed to satisfy certain requirements of the transaction agreement.