Retired partners from defunct Coudert Brothers have lost their second attempt to recover money from three law firms that took a sizeable chunk of the firm’s assets after its late 2005 dissolution, sibling publication New York Law Journal reports (subscription required).
A group of 24 former partners sued Baker & McKenzie; Orrick, Herrington & Sutcliffe; and Dechert in 2007, claiming that the firms conspired with Coudert partners to buy firm assets for less than fair market value, according to NYLJ. Because none of the three firms took on 50 percent of Coudert’s assets, none were true “successor” firms with obligations to continue paying retirement benefits, according to court filings.
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