JDA Software Ends Suit Against Credit Suisse Over LoanChris Dolmetsch
JDA Software Group Inc. agreed to end a lawsuit it brought in 2011 accusing Credit Suisse Group AG of failing to honor a commitment to provide financing for its acquisition of I2 Technologies.
Credit Suisse and Wachovia Bank in August 2008 agreed to provide $450 million in financing to fund the proposed acquisition of I2, Scottsdale, Arizona-based JDA said in a complaint filed in October 2011 in New York State Supreme Court in Manhattan.
JDA was scheduled to complete the acquisition on Nov. 6, 2008, until Credit Suisse said it wouldn’t honor its commitment to provide funding for the purchase unless JDA agreed to changes in the loan terms, the software company said in its suit.
The two sides have agreed to end the lawsuit, according to a court filing dated yesterday. David Gordon, an attorney representing JDA, and Brian Burns, an attorney for Zurich-based Credit Suisse, declined to comment on the filing in phone interviews.
JDA resumed talks to acquire I2 in August 2009 and announced three months later that it planned to buy the company for an enterprise value of about $396 million, about $50 million more than the purchase price under the original agreement, the company said in its complaint. JDA completed the acquisition in January 2010.
JDA, a provider of software to help manage supply chains, was acquired by closely held Atlanta-based RedPrarie Corp. in December.
The case is JDA Software Group Inc. v. Credit Suisse Securities (USA) LLC, 652997/2011, New York State Supreme Court, New York County (Manhattan).