A Manhattan Supreme Court judge has thrown out a real estate investor’s malpractice suit against Willkie Farr & Gallagher, finding the firm was not negligent in its advice. David Lichtenstein, chair and CEO of the Lightstone Group, sued the firm in June 2012 alleging $104 million in damages. Lichtenstein v. Willkie Farr & Gallagher, 652092/2012, claimed the firm inappropriately advised Lichtenstein to put a hotel company he led, Extended Stay Inc., into bankruptcy.
His complaint alleged that Willkie lawyers Marc Abrams and Matthew Feldman made "full-throated warnings" that Lichtenstein risked drastic personal exposure if he did not authorize a bankruptcy filing. Lichtenstein said this advice was wrong because he would prevail in any lawsuit for breach of fiduciary duty.
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