Brennan v. Brennan Assocs.

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In 2009, the Supreme Court upheld the judicial dissociation of Plaintiff, Thomas Brennan, from Brennan Associates (the partnership). Plaintiff subsequently brought this action seeking to have his interest in the partnership valued and bought out by the partnership. The trial court awarded Plaintiff $6.9 million for his interest in the partnership and $3.5 million in interest on that award. The partnership and remaining partners (collectively, Defendants) appealed. The Supreme Court reversed in part, holding that the trial court (1) should have valued Plaintiff’s interest in the partnership as of 2009, when the Court upheld Plaintiff’s dissociation, instead of 2006, when the trial court rendered the judgment of dissociation; and (2) incorrectly determined that interest accrued on Plaintiff’s buyout award from the date of the judgment of dissociation, as Plaintiff was not entitled to interest on his buyout award until the award became due and owing. Remanded. View "Brennan v. Brennan Assocs." on Justia Law