Paul Porvaznik – Business Litigator
Case Notes and Summaries of Recent Cases (State and Federal Courts – Illinois Focus)
The Northern District of Illinois recently denied a foreign truck parts supplier’s claim for lost profits in a contract dispute involving an Illinois-based global truck manufacturer. In doing so, the court expansively applied the “new business rule” to the plaintiff despite its forty-year history in the automotive parts industry. In Clutch v. Navistar, 2015 WL …
Continue reading “Lost Profits and the ‘New Business Rule’ – A Case Snapshot”
In Santorini Cab Corporation v. Banco Popular, 2013 IL App (1st) 122070, the plaintiff cab company sued a bank for breaching two contracts to transfer taxicab medallions totalling $96,000 ($48,000 each). The plaintiff sought damages for lost profits (profits it would have earned had the bank transferred the medallions) and the increased value of the medallions as of the …
Continue reading “Lost Profits and Breach of Contract Damages: Illinois Law”