Orrick Cost Highland $95M In Canceled CDO Deal: Suit

Law360, New York (January 26, 2012, 10:12 PM EST) -- Highland Financial Partners LP launched a suit Wednesday in Texas alleging former counsel Orrick Herrington & Sutcliffe LLP cost it $95 million by failing to mention a provision in a collateralized debt obligation transaction allowing Royal Bank of Scotland Group PLC to cancel it at will.

The investment company, along with affiliates Highland CDO Opportunity Master Fund LP and HFP CDO Construction Corp., accuses Orrick of costing it nearly $100 million in damages when it failed to tell the company that its CDO with RBS could...
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