March 23, 2020

Laserage Technology Corp. v. Laserage Laboratories - 972 F.2d 799 (1992) - US Court of Appeals, 7th Circuit

FACTS: Mr. Byrum had shares in both LTC and LAbs-WEst. LTC was going to buy out Byrum's shares in Labs-WEst and the disputee arises out of each company not knowing what shareholder rights, if in fact any, Byrum would retain during and after the deal. LTC was undre the impression he would relinquish all rights and Labs-West thought he would only relinquish voting rights. 

HISTORY: District court affirmed agreement reached by parties. 

ISSUE: Whether the district court had reached a binding settlement of three related lawsuits? 

HOLDING: Yes 

RATIONALE: LTC claims that the agreement did not have a "meeting of the minds" which would make it binding. LTC had reason to know the details of what was being discussed between itself and Labs-West regarding Mr. Byrum. Furthermore there are no "vagueness or indefinite problems." (147) 

DISPOSITION: Affirmed.