Ableco Finance, a financing unit of Cerberus Capital Management LP, has hit a dead end in a malpractice lawsuit alleging that Paul Hastings bungled the terms of a 2008 investment that soured during the financial crisis. The decision clears the two Paul Hastings partners at the center of the case, John Hilson and Mario Ippolito, and cements a victory for the firm’s outside counsel, Paul Spagnoletti of Davis Polk & Wardwell.
The highest state court in New York declined on Tuesday to hear arguments that it should revive Ableco’s claims. The ruling cements an intermediate appeals court’s prior ruling that Cerberus was to blame for its own losses.
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