July 25, 2005
After seven days of trial, a three-member Panel of the American Arbitration Association ruled in favor of Kelley Drye client, CIBA Vision Corporation (CV), in a matter brought by Medennium, Inc. seeking over $15 million in damages. Claimant alleged eight separate counts of fraud and breach of contract against CV. Issues in dispute in the case included a Right of First Refusal, alleged fraud in the inducement, "reasonable commercial efforts," and requirements contracts and supply forecasts. The claims arose out of CV's license and subsequent purchase of certain ophthalmic surgical assets and intellectual property of Medennium. In addition to defeating all of Medennium's claims, CV was awarded damages on its sole counterclaim and was named the uncontroverted prevailing party for purposes of requesting reimbursement of substantial costs and attorneys fees under the contract and California Law.