Ramco Receives Favorable Decision in Tenge Lawsuit
Ramco Energy has received another favorable decision in the long-running Tenge lawsuit in Texas.
The Anglo Dutch Petroleum plaintiffs had filed a motion for rehearing of the appeal. In a decision released on October 19, 2006 by the panel of judges, the plaintiffs were overruled and denied that motion. The judgment of the Fourteenth Texas Court of Appeals issued on October 19, 2006 opens with this paragraph:
"This case arises out of a business dispute over interests in a foreign oil and gas field. After a lengthy trial involving complicated facts and extensive expert testimony, the trial court rendered judgement on the jury's verdict, awarding plaintiffs/appellees/cross-appellants [the Anglo Dutch companies] $6.4 million in lost profits, plus attorney's fees and interest, based on their breach-of-contract claims against defendants/appellants/cross-appellees [the Ramco defendants]. The main issue on appeal is whether the evidence proves with reasonable certainty the profits appellees [Anglo Dutch] claim to have lost as a result of appellants' [Ramco's] breaches of contract. We conclude that it does not. We also conclude that the trial court correctly granted summary judgement as to appellees' [Anglo Dutch] claims for breach of fiduciary duty, misappropriation, and misappropriation of trade secrets. Accordingly, we reverse the trial court's judgement and render judgement that appellees [Anglo Dutch] take nothing against appellants."
In its June 6, 2006 ruling the same panel of judges had reversed the trial court's judgment and rendered judgment "that the Anglo Dutch plaintiffs take nothing against the Ramco defendants."
Steve Remp, Chairman of Ramco, said:
"We were confident that the Appeal Court had no reason to review and reverse its well reasoned judgment in Ramco's favor. Since June we have begun the process of re-building Ramco and I am confident that this latest decision will allow us to leave the litigation in the past and move forward."
Mike Swan, partner at Akin Gump Strauss Hauer & Feld and leader of the Ramco defense team, said:
"I am delighted at the outcome for Ramco. The Court of Appeals has issued a revised opinion which reinforces its June decision in Ramco's favor. Once again the court has hammered the plaintiffs. While the plaintiffs could petition the Texas Supreme Court to allow a review of the appeal, I believe that this decision sends a clear message that this case is now over."
- Ramco Appoints New Non-Executive Director (Aug 20)
- Ramco Finalizes Acquisition of Eagle, Issues New Shares (Jul 14)
- Ramco Snags Eagle HC for £1.25 million (May 14)