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$61 Million Judgment for Breach of Bond Indenture Reversed and Rendered on Appeal

Brett Kutnick was a principal member of the legal team that represented Sears, Roebuck and Co. in the appeal of a $61 million judgment based on a jury verdict that Sears breached a bond indenture by prematurely redeeming corporate bonds held by a number of institutional investors. The Dallas Court of Appeals sustained Sears’ no evidence challenge because the investors failed to present any evidence of breach, and thus reversed and rendered a take-nothing judgment against the investors. After Sears responded to the investors’ petition for review, the Texas Supreme Court denied the petition. Sears, Roebuck and Co. v. AIG Annuity Ins. Co., 270 S.W.3d 632 (Tex. App.–Dallas 2008, pet. denied).