Chicago Bridge & Iron Company N.V. v. Westinghouse Electric Company LLC, Case No. 573,2016 (Del. 2017)
June 28, 2017
Ross Aronstam & Moritz, together with Wachtell, Lipton, Rosen & Katz, represented Chicago Bridge & Iron in litigation over whether a $2 billion post-signing purchase price adjustment dispute arising from the sale CB&I's nuclear power plant business to Westinghouse would be directed to an expedited independent auditor dispute resolution process. The Court of Chancery held that the dispute was for the independent auditor. On appeal, the Supreme Court of Delaware reversed and required entry of judgment on the pleadings for CB&I declaring that arguments based on assertions that CB&I's historical financial statements and practices did not comply with GAAP could not be heard in proceedings before the independent auditor.