This is to let you know that our client has won a dispute over bid bond refund.
We represented a real estate developer who avoided its property purchase bid in an auction on grounds of mistake and sued for a refund of its bid bond. The claim was based on seller’s omission of important information on the property from the auction notice, the effect of which was that the land could not be developed. Our client won before trial and appellate courts while the Supreme Court denied certiorari to hear the adverse party’s cassation appeal.
This litigation has demonstrated that even a business party may successfully avoid its offer if it has been mislead by a fraudulent counterparty.