PHILADELPHIA – Former ownership partners in a local pharmaceutical operation are now suing the entity they sold their ownership stakes to, over a dispute related to escrow funds and other litigation surrounding the transaction.
Miroslav Kesic, Peter Corda, Renee Esposito, Chuck McCue and Matthew Legowski, all of the Commonwealth of Pennsylvania filed suit in the Philadelphia County Court of Common Pleas on May 1 versus MedLegal, LLC of Philadelphia and 1st Choice Pharmacy, of Philadelphia.
According to the lawsuit, the plaintiffs formerly held ownership interest in defendant 1st Choice Pharmacy – before selling that same interest to fellow defendant MedLegal at a price of $3,000 per membership unit, to be placed into an escrow account with the plaintiffs’ legal counsel, Capehart & Scatchard in Mount Laurel, N.J.
The escrowed funds would then be released upon the submission of certain information, including pioneer licenses, account information and other identified information and materials, and on Oct. 30, the plaintiffs’ counsel advised MedLegal that the aforementioned information had indeed been submitted.
However, the lawsuit says MedLegal then and still continues to violate the membership transfer agreement by refusing to release the escrow funds – instead, it now says it will release them once an underlying legal matter in the same court is resolved, 1st Choice Pharmacy, LLC Et.Al v. Kesic Et.Al.
For counts of breach of contract and indemnification, the plaintiffs are seeking compensatory damages, specific performance, costs of suit, interest, attorney’s fees, enforcement of the terms of the Membership Transfer Agreement and such other and further relief as the Court shall deem just and proper, in this matter.
The plaintiffs are represented by Laura D. Ruccolo and Ralph R. Smith of Capehart & Scatchard, in Mount Laurel, N.J.
Philadelphia County Court of Common Pleas case 180404825
From the Pennsylvania Record: Reach Courts Reporter Nicholas Malfitano at email@example.com