Orrick, Herrington & Sutcliffe and corporate partner Karen Dempsey have settled a suit filed by the bankruptcy trustee for Thornburg Mortgage over legal advice provided to executives of the defunct real estate investment trust, which filed for Chapter 11 protection nearly three years ago.
Former Thornburg executives and Orrick have agreed to a $6.5 million settlement with the bankrupt company’s estate to put to rest charges they conspired to use Thornburg assets and employees to launch a new company called SAF Financial at a time when the subprime crisis was causing the mortgage originator’s underlying business to suffer.
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