The Daily Business Review in the US is reporting that ..
Lexis Nexis is suing Data-mining pioneer Henry Asher by a Boca Raton, Fla.-based arm of database operator LexisNexis for allegedly reneging on a noncompete agreement as part of his 2004 sale of Seisint Technologies for $775 million.
They report
LexisNexis Risk and Information Analytics Group is seeking an injunction against Asher and his companies and demanding about $300 million in damages in the Palm Beach Circuit Court suit filed Thursday. Judge Thomas Barkdull set a hearing for next Thursday.
"Our simple allegation here is that Asher in a number of different ways violated the noncompete agreement" in place when Lexis’ U.K.-based parent, Reed Elsevier, bought Seisint, said Faith Gay, a partner with Quinn Emanuel in New York.
Reed and Asher agreed to an exception to the noncompete agreement that allowed them to work together to provide database services to the National Center for Missing and Exploited Children.
Full story http://www.law.com/jsp/article.jsp?id=1202429672791
