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LOZMAN v. PUTNAM

No. 1-06-0861.

884 N.E.2d 756 (2008)

Fane LOZMAN and Blue Water Partners, Inc., Plaintiffs-Appellants, v. Gerald D. PUTNAM, Terra Nova Trading, LLC, Stuart Townsend, Marrgwen Townsend, Townsend Analytics, Ltd., Chicago Trading and Arbitrage, LLC, Archipelago, LLC, Archipelago Holdings, LLC, GDP., Inc., and Virago Enterprises, LLC, Defendants-Appellees.

Appellate Court of Illinois, First District, First Division.

Rehearing Denied March 26, 2008.

Attorney(s) appearing for the Case

Much, Shelist, Freed, Denenberg, Amendt & Rubenstein, P.C., Anthony C. Valiulis, of counsel, The Nathanson Law Firm, Philip J. Nathanson and Meredith Nathanson, of counsel, Chicago, IL, for Appellants.

Baker & McKenzie, LLP, William Lynch Schaller, Michael A. Pollard, John M. Murphy, and Peter P. Tomczak, of counsel, Chicago, IL, for Appellees/Cross-Appellants, Archipelago, LLC and Archipelago Holdings, LLC.

Cray, Huber, Horstman, Heil & VanAusdal LLC, James K. Horstman, Timothy C. Samuelson and Ronald L. Wisniewski, of counsel, Chicago, IL, for Defendants, Gerald Putnam, Terra Nova Trading, LLC, Stuart Townsend, Marrgwen Townsend, Townsend Analytics, Ltd., Chicago Trading & Arbitrage LLC GDP, Inc., and Virago Enterprises, LLC.

Justice ROBERT E. GORDON delivered the opinion of the court:

Plaintiff Fane Lozman and defendant Gerald Putnam were business associates whose relationship turned sour. On April 17, 1995, they signed a written agreement regarding the sharing of revenues and commissions. Just six months later, on October 9, 1995, they signed mutual releases that voided their April 17 agreement.

After a dual bench and jury trial,1 the circuit court...

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