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USA Networks Inc. and National Leisure Group Inc. settled a lawsuit that corporate law experts said was the first case testing whether a decline in business resulting from the Sept. 11 attacks could constitute a material adverse effect. USA Networks sued National Leisure on Oct. 3 to void their merger, saying that the attacks had triggered the material adverse effect clause in the merger agreement.
October 30, 2001 at 12:00 AM
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The original version of this story was published on Law.Com
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