Geneva Trading seeks payment of $900,000 due after withdrawal from group

By Noddy A. Fernandez | Jun 12, 2018

CHICAGO — A trading firm is suing oil trading companies Geneva Energy Markets LLC, Mport Energy LLC and GEM Europe Ltd. for breach of contract.

Geneva Trading USA LLC filed a complaint May 30 in Cook County Circuit Court, alleging the defendants breached their fiduciary duty in connection with negotiation of a redemption agreement and a services agreement.

According to the complaint, after withdrawing as a manager and member of GEM on April 30, Geneva Trading was entitled to $900,000 in payments under the agreements. The plaintiff said the agreements set May 31 and July 1 as payment dates. 

However, the plaintiff claims the defendants failed to make the first payment. As a result, Geneva Trading said it should be entitled to immediate termination of the services agreement. 

The plaintiff requests a trial by jury and seeks compensatory damages, reasonable attorney's fees, paralegal fees, costs and expenses and other relief as the court deems just and proper. The plaintiff is represented by Jonathan R. Buck and Keith G. Klein of Perkins Coei LLP in Chicago.

Circuit Court of Cook County case number 18-CH-06834

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