Judge Jennifer Schecter sits as a judge in the Commercial Division in New York County. Photo: David Handschuh/NYLJ After Botched $1.36B Deal, Judge Absolves Brown Rudnick of Malpractice Claims
"This case is incredible. Everyone dropped the ball," said the judge. "The deadline was negotiated and plain on its face. Vintage knew about it as did B. Riley."
March 05, 2021 at 01:52 PM
3 minute read
A New York state judge has absolved Brown Rudnick of malpractice allegations brought by banker B. Riley Financial Inc., stemming from Vintage Capital Management's failed $1.365 billion acquisition of Rent-A-Center in 2018
Manhattan Supreme Court Justice Jennifer Schecter found that B. Riley's lawyers at Brown Rudnick were not to be blamed by Vintage Capital and the banker's failure to notify Rent-A-Center that it wished to extend the closing deadline on the deal. The error ultimately allowed Rent-A-Center to secure a $126.5 million termination fee, prompting the litigation.
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