WHS’ Buyout of Berenson, Isham at Root
BOSTON–Snyder Communications has filed suit against the principals of Berenson, Isham & Partners, alleging misrepresentation. The suit stems from the buyout last year of Berenson, Isham by Wickersham Hunt Schwantner.
Snyder, the parent of both Wickersham and Arnold Communications, filed the suit in Superior Court in Boston.
Snyder alleges that “Berenson and Isham had made material misrepresentations and failed to disclose critical information concerning the status of [the agency’s] business and its troubled [client] relationships.”
The suit alleges that “client relations problems” on several accounts, including Boston Acoustics, Fidelity Investments, WearGuard and Club Med were not communicated to Snyder at the time of the sale.
The suit further alleges that increased earnings projections Berenson, Isham made for those clients were inaccurate.
Principals Paul Berenson and Carolyn Isham deny the charges, stating, “Since approximately 50 percent of [the agency’s] clients turned over on an annual basis, it was not possible to guarantee a specific amount of future revenue,” according to court documents. Snyder seeks to rescind the Berenson, Isham deal, recover stock paid to the pair and get monetary damages.
Isham remains a Wickersham evp; former Berenson, Isham president Anders Ekman and Berenson are no longer at Wickersham. They could not be reached for comment. Wickersham managing partner Amy Hunt declined comment.