Legal Question in Business Law in New York

I sold an established branded online business to a guy in Poland 1.5 yrs ago. I sold it through an online broker and also had a lawyer generate contract for both of us to sign. Few weeks ago, I was informed the buyer is preparing for a lawsuit against me for proving him with misleading information. Supposedly, this Poland guy is rich and has a lot of money. He also owns a business in NY with his own NY lawyer hence his threat.

I did not do anything wrong. And this is news to me. Why trying to go after me now? After 1.5 years? I plan on getting a lawyer soon but would love to hear your generalized advice. Thank you.

Asked on 12/01/18, 3:01 pm

2 Answers from Attorneys

Richard Bryan Richard Bryan Attorney PC

You’re asking why he’s going after you, and you also said he’s claiming you provided misleading information when you sold him the business. So what is it that you want? Generalized advice is to try to come to a compromise with the guy before he hires a lawyer and sues you.

Read more
Answered on 12/01/18, 7:19 pm
Roman Fichman Esq. Law Practice of Roman Fichman Esq.

I disagree with my colleague and agree with your desire to find out as much information as possible and prepare in the event a legal action is brought.

The first step would be to examine the sale contract and see what representations were made by you. It may that no material representations were made and therefore any case brought against you would not be strong. Reviewing the contract will also shed light on the remedies and damages of breach that are prescribed in the contract, if at all. And it may well be the case that you would have a cause of action against the buyer as much as the buyer may have a cause of action against you!

The second step would be to plan for a possible action by reviewing the performance of the business you sold to date and gather info to be used in the event you are sued.

Contact me directly.

Looking forward

​Roman R. Fichman, Esq. │ @TheLegalist

email: Info (@) TheLegalists (dot) com

t e l : 2 1 2 -- 3 3 7 -- 9 8 3 7

Disclaimer: This post has been written for educational purposes only and was not meant to be legal advice and should not be construed as legal advice or be relied upon. No intention exists to create an attorney-client relationship or any other special relationship or privilege through this post. The post may contain errors, inaccuracies and/or omissions. You should always consult an attorney admitted to practice in your jurisdiction for specific advice. This post may be deemed as Attorney Advertising.

Read more
Answered on 12/03/18, 9:42 am

Related Questions & Answers

More Business Law questions and answers in New York