GRUIA DUFAUT Lawyers win critical litigation over LOI breach

The GRUIA DUFAUT Law Office successfully represented in court the shareholders of one of the largest groups of companies acting in sugar processing industry, who turned against one of their competitors over the breach of a letter of intent (LOI) for the purchase of all the assets of the group.

Our client was seeking to obtain over 4 million Euros in compensation for an unjustified and unexpected refuse by the potential buyer to go along with the purchase, after being granted exclusivity.

The decision rendered is of paramount importance for the M&A case law with regard to the binding legal nature of the LOI, the consequences of violation thereof and of the lack of good faith in negotiations.

Seven years and 2 trial cycles later, the Gruia Dufaut Law Office was successful in obtaining this final decision where the potential buyer was ordered to pay damages, decision that has recently been validated by the High Court of Cassation and Justice.

Teodora KOLETSIS, Partner, and Florin DOGARU, Associate, were two members of the GRUIA DUFAUT team who handled this case file.

With an extensive experience of over 16 years as a business lawyer, Teodora KOLETSIS handles both advice and representation in litigation on corporate law, real estate, taxation, insolvency and public procurement. She represents clients in complex commercial case files and administrative and tax litigation, before all Romanian and European courts and arbitration tribunals. She advises in M&A operations, due diligence reports drafting, real estate transactions, as well as in the negotiating and drafting of national and international commercial agreements. At the same time, she heads the public procurement law team, in her capacity as qualified public procurement expert.