"In this lawsuit, we are alleging that they had conspired to prevent RDO's continued growth through John Deere stores," Noah says. "We would have grown more if they had not done what they did."
"We're alleging that the manufacturer [John Deere] went into a joint venture with CSFB," he explains. "CSFB was the investment banker that took RDO public and they are now competing with us."
CSFB has been the lead underwriter and financial advisor to RDO. The suit charges that the company used its position and knowledge of RDO to unreasonably restrain trade in RDO's efforts to buy John Deere Construction Equipment dealerships. Noah notes that there are John Deere stores across the country. RDO's attorneys argue that CSFB committed unfair acts in its competition that were either illegal or enabled through illegal means.
RDO currently has the largest network of John Deere construction and agricultural stores in the country, in fact in all of North America, but it alleges that it was prevented from its full earning potential through greater expansion. RDO argues that its 54 stores in nine states, now comprised of the current stock of John Deere equipment and Volvo and Mack truck centers, could have been more, if not for the breach of duty by CSFB and its scheme with John Deere and Nortrax.
The amount of damages sought was not specified, and Noah declined to disclose an amount. Spokespeople for CSFB, John Deere and Nortrax did not return calls by press time.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
