Arbitration Award for Insurance Company Client in Dispute Over Network Purchase Price
In December 2010, WTO secured a multimillion-dollar arbitration award in favor of its client, an insurance company. The arbitration arose over the client's purchase of a health care network in Indiana. The matter involved a dispute over the estimated purchase price paid by the buyer based on the actual revenue of the network in the year of purchase. Both parties anticipated an adjustment would be made to the purchase price based on actual revenue in the year following the purchase. When the second year's revenue declined, the buyer demanded a refund. The seller refused to refund the agreed-upon difference in the purchase price, claiming certain defenses under the parties' contract. Following an arbitration in Chicago, the arbitrator awarded the return of the full amount claimed by WTO's client.