Photo: Shutterstock Brown Rudnick Settles $300M Malpractice Suit Over Botched Bankruptcy Claim
Bankruptcy practice leader Edward Weisfelner, who'd been blamed for the blunder, announced his retirement Monday. The firm denies any connection between the developments.
January 27, 2021 at 03:54 PM
3 minute read
A New York federal judge signed off on Boston-based Am Law 200 firm Brown Rudnick's move to settle a $300 million malpractice suit dating to 2019 on Tuesday, just one day after the lawyer accused of a costly tactical blunder in a corporate bankruptcy announced his retirement.
The litigation trust established in the 2009 bankruptcy of chemical giant LyondellBasell had blamed the firm and attorney Edward Weisfelner for failing to demonstrate that a subsidiary was insolvent when it paid back $300 million in credit to billionaire Leonard Blavatnik, just months before the Chapter 11 filing. While the firm represented the trust in a 2016 trial against Blavatnik, it fell short in its bid to recoup the $300 million, winding up with only $12 million in breach of contract damages.
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