As companies in Louisiana and elsewhere continue to see success, their owners may still wish to take steps to safeguard their financial futures by pursuing additional opportunities for growth. However, while entering a partnership with another successful enterprise can be promising, there may also be a certain level of risk involved. Fast-growing spirits company Stillhouse, LLC has recently filed a lawsuit against Bacardi Limited, accusing the company of breach of contract and fraud.
The incident reportedly stems from an arrangement in which Stillhouse agreed to provide Bacardi with access to company information. In exchange, Stillhouse claims that the other company would eventually take over the company by purchasing it at a fair market price. However, the CEO of Stillhouse asserts that Bacardi misrepresented its intentions and failed to adhere to promises to provide financial support where necessary.
Stillhouse asserts that these events have left it facing dire financial straits. It also says that this was the intention of the other party, claiming that Bacardi sought to use this to its advantage and purchase the company at a lower cost. Stillhouse has since accused Bacardi and several other parties of breach of contract, extortion and fraud and is seeking as much as $100 million in restitution.
Since a contract between two or more businesses can be a complex document that is subject to interpretation, proving that a breach of contract has occurred can be a challenging process. Those who encounter similar disputes could benefit from consulting with an attorney for guidance on their available legal avenues. An attorney can examine the circumstances a client in Louisiana is facing and assist him or her in pursuing the full amount of restitution deserved through the necessary channels.