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BANNER INDUS., INC. v. SCHWARTZ

181 A.D.2d 479 (1992)

Banner Industries, Inc., Appellant-Respondent, v. Bernard L. Schwartz et al., Respondents-Appellants

Appellate Division of the Supreme Court of the State of New York, First Department.

March 10, 1992

In dispute on this appeal is the outcome of an auction in which the losing bid, submitted by plaintiff, exceeded the winning bid, submitted by defendant Opus Acquisition Corporation ("Opus"), by $12 million. The complaint states causes of action for breach of a duty to conduct a fair auction, fraud in inducing plaintiff to participate in the auction and fraud in providing incomplete and misleading information upon which plaintiff based its bid. The complaint seeks damages...

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