Venable Skewers $1.6B Conspiracy Suit

Law360, New York (April 27, 2011, 1:30 PM EDT) -- Venable LLP urged a Maryland federal judge Tuesday to dismiss putative class allegations that the firm owes $1.6 billion for its purported role in a conspiracy that allegedly forced screen printer Transcolor Corp. into bankruptcy.

In an attempt to dismantle a suit brought by VR Holdings Inc., a shell company for Transcolor and a number of other entities owned by Morton Lapides, Venable said the claims for conspiracy, aiding and abetting, and breach of fiduciary duty are baseless, exhausted and otherwise insupportable.

Seeking damages on behalf...
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