Ex-Thornburg Execs, Orrick Partner Face Fraud Suit

By Christie Smythe

Law360, New York (March 05, 2010, 6:33 PM ET) -- A trustee for the bankrupt Thornburg Mortgage Inc. has sued former executives and an Orrick Herrington & Sutcliffe LLP attorney alleging that they conspired to siphon assets away from the ailing company to secretly start a new business venture, breaching confidentiality and other agreements.

Joel I. Sher, the court-appointed trustee for the lender and its affiliates filed suit in the U.S. Bankruptcy Court for the District of Maryland on Tuesday against Thornburg’s former chairman and CEO Larry A. Goldstone, former Chief Financial Officer Clarence G. Simmons...
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