Terry & Thweatt attorney Lee Thweatt teamed with Beck Redden Secrest attorneys Murray Fogler, Russell Post and Brad Coffey, and attorney Adib Eghterafi in representing a highly-respected chemist in arbitration against his former employer for breach of contract. The former employer failed to pay our client $20 million under a written agreement in exchange for relinquishment of his intellectual property rights in groundbreaking technology involving the oxidative coupling of methane gas. On August 13, 2010, a three-member arbitration panel found in favor of our client on his breach of contract claim, awarding him $20 million plus attorneys’ fees and costs. The panel rejected all counterclaims pursued by our client’s former employer. The case was later settled with court approval in a Chapter 11 bankruptcy proceeding forced by the arbitration award for $5,800,000 in cash consideration and assigning numerous patents and patent applications to our client. Attorney fees and expenses totaled $2,771,032.39.
$20,000,000