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BlackLine director Patrick Moran served as an expert witness in the matter of Great Hill Equity Partners IV, et al. v. SIG Growth Equity Fund I, et al., Case No. 7906-VCG, pending before Vice Chancellor Sam Glasscock III of the Court of Chancery of the State of Delaware. Vice Chancellor Glasscock’s Memorandum Opinion, available here, cited Moran and his testimony on the payments industry favorably on several occasions.
In the Great Hill matter, the plaintiffs alleged that defendants breached certain representations and warranties and committed fraud and fraudulent inducement related to the plaintiff’s purchase of a company (the “Company”) whose business was facilitating transactions between online retailers of digital goods and credit card holders. The Company’s historic chargebacks, compliance with payment card industry rules, and relationships with its payment processors were of key importance. The Court relied on Moran’s testimony for an understanding of the underlying rules, regulations and dynamics among processors, acquiring banks, and card networks.