Quinn Emanuel’s Texas offices have secured a $40 million final judgment on behalf of ARM Energy Management, an energy marketing firm, in a breach of contract lawsuit against Medallion Pipeline Company. ARM subleased pipeline and terminal space from Medallion through which ARM was supposed to be able to ship multiple grades of crude oil on a pipeline from the Permian Basin and load that crude oil onto a million-barrel vessel at a terminal in Corpus Christi, but these functions were never provided. When ARM terminated for material breach, Medallion improperly kept $32 million in prepayments and credit support that ARM had posted in support of the deal.
After a five-day bench trial in Dallas County that took place in January, the Court ruled in ARM’s favor and ordered return of the $32 million. The $40 million final judgment, which includes prejudgment interest and attorney’s fees, issued on Tuesday.
The team consisted of Houston Partners Karl Stern and Kate Shih, Austin Partner Matthew Scheck, Austin Associate Brittany Ruyak, and Dallas Associate David Graham