Goodwin Procter litigators recently achieved a complete victory for client Applied Materials, Inc. when a three-judge arbitration panel issued a Final Award dismissing with prejudice all claims against Applied Materials. Claimants Solar Morph PTE Ltd. and Oppenheimer Investments Jersey Ltd. (no affiliation to Oppenheimer Funds) had sought substantial damages, including lost profits and expenses.
The dispute arose from failed negotiations for Solar Morph’s proposed purchase of a solar module manufacturing plant from Applied. Solar Morph and its financial adviser Oppenheimer sued Applied in 2011 in California Superior Court asserting various contract and tort claims based on the unconsummated transaction. To accelerate resolution, the parties agreed to arbitrate the dispute.
In the Final Award, the arbitrators sided with Applied on every substantive issue and dismissed all claims with prejudice.