Anhert v. Rank America Inc.

O’BRIEN, J,

— In March 1988 plaintiffs, Henry A. Ahnert Jr. et al, entered into an acquisition and escrow agreement whereby defendants Rank America Inc. and Rank-Ahnert Inc. *155agreed to purchase certain companies owned by plaintiffs. In the acquisition agreement, plaintiffs represented and warranted to defendant Rank, inter alia, that the business of the companies had been carried on in accordance with all applicable federal and state laws and that all pending or outstanding claims had been disclosed. Plaintiffs also agreed to indemnify defendants for any loss or damage defendants suffered as a…