Courtesy of Shutterstock.com Appeals Court Rejects NY Law Firm Olshan's Bid to Dismiss $21M Malpractice Lawsuit
"Contrary to defendant's [Olshan Frome Wolosky's] contention, the allegations underlying the [former client's lawsuit] claim are not 'couched in terms of gross speculations on future events,'" wrote the Appellate Division, First Department court.
July 01, 2022 at 02:33 PM
5 minute read
A state appeals court has ruled that Olshan Frome Wolosky must continue to face a $21 million legal malpractice suit based on claims it didn't file a financing statement needed to perfect a loan's security interest, rejecting the firm's arguments that the malpractice action is based on "gross speculations on future events."
In knocking back the Manhattan-based law firm's motion to dismiss the 2016 malpractice suit filed against it by a former hedge fund client, a unanimous panel of the Appellate Division, First Department court wrote, "Contrary to defendant's [Olshan Frome Wolosky's] contention, the allegations underlying the [lawsuit's] claim are not 'couched in terms of gross speculations on future events,'" quoting Phillips-Smith Specialty Retail Group II v Parker Chapin Flattau & Klimpl.
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