Cerberus Can't Blame Paul Hastings For $55M Loss: Atty

Law360, New York (August 18, 2011, 3:21 PM EDT) -- An attorney for Paul Hastings Janofsky & Walker LLP told a New York judge Thursday that a Cerberus Capital Management LP affiliate couldn't blame the firm for $55 million it allegedly lost in a botched bid to snap up bankrupt retailer Steve & Barry's assets.

Cerberus unit Ableco Finance LLC alleges that the firm's bad legal advice cost it millions after it learned that a $125 million secured loan Ableco gave to a Bay Harbour Management LC affiliate, BH S&B Holdings LLC, to aid its purchase...
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