The Appellate Division, First Department, has dismissed the last claim in a $55 million legal malpractice suit against Paul Hastings that alleged the law firm gave faulty advice on a loan tied to the bankruptcy of retailer Steve & Barry's.
Ableco Finance, an arm of private equity firm Cerberus Capital Management, retained Paul Hastings partners John Hilson and Mario Ippolito in 2008 to advise it on providing a $125 million secured loan to a company established by Bay Harbour Management called BH S&B Holdings. The loan was made to finance Bay Harbour's purchase of assets from the bankruptcy estate of Steve & Barry's.
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