Stone Pigman Successfully Defends $2.5 million Arbitration for Albemarle Corporation
Stone Pigman has successfully defended a $2.5 million arbitration for Albemarle Corporation. IGX, an HBr (anhydrous hydrogen bromide) distributor, filed an arbitration claim against Albemarle alleging that it wrongfully terminated an HBr chemical distribution contract.
Albemarle countersued for several invoices that were wrongfully discounted by IGX. The arbitrator awarded zero dollars on the main IGX wrongful termination of the contract claim, yet held that the remaining $118,000 of IGX's $250,000 "set up fee" was due as the fee for the full term of the five year contract.
Albemarle prevailed on its counterclaim in the amount of $62,304. The difference of $55,696 due by Albemarle to IGX is less than 3% of the claim sought at the hearing and 2% of the original demand of over $2.5 million. Doug Cochran and Justin Lemaire primarily handled the matter with assistance from Mike McKay and Karen Barrow.