The Hon. Richard Posner had a different Big Boy in mind.
A Seventh Circuit panel split today on the question of whether a "no reliance" — or "big boy" — clause defeated a claim alleging fraud in connection with negotiation of a release.
The majority focused on contract language in which the parties represented that they "are relying on their own judgment, belief and knowledge and the counsel of their attorneys" and that they "are not relying on representations or statements made by the other party or any person representing them except for the representations and warranties expressed in this Release." But the words themselves didn’t remove the question of fraud from the jury. No. The language plus the fact that the putative fraud victim (a large South American company with skads of Brazilian and New York abogados) "is a big boy [that] acted through counsel" did. Extra Equipamentos e Exportacao Ltda. v. Case Corp., No. 06-4389 (7th Cir. Sept. 3, 2008) (applying Illinois law).
[Hat tip to Blawgletterati Edward Wiest for catching that the link to the opinion didn’t work — until now!]
