Lewis X. Cohen Insurance Trust v. Stern

PRESIDING JUSTICE BUCKLEY

delivered the opinion of the court:

Plaintiffs the Lewis X. Cohen Insurance Trust and the Harold B. Cohen Trust brought an action against defendants Merit Financial Corporation (Merit) and Jerome H. Stern (Stern) alleging breach of a stock purchase agreement (Agreement). The trial court entered summary judgment for plaintiffs, finding that Merit wrongfully refused to pay plaintiffs certain postclosing sums recovered by Merit. The trial court also found that Stern had personally guaranteed to indemnify plaintiffs for any damages they might suffer as a result of breach…