Power Of Atty Not Enough To Sue By Proxy: 2nd Circ.

Law360, New York (December 5, 2008, 12:00 AM EST) -- An appeals court has ruled that investment adviser W.R. Huff Asset Management Co. LLC, despite holding power of attorney for its clients, doesn't have standing to sue financial institutions on behalf of those clients over the banks' alleged role in the collapse of Adelphia Communications Corp.

Overturning a decision by the U.S. District Court for the Southern District of New York, Judges Jose A. Cabranes, Robert D. Sack and Robert A. Katzmann of the U.S. Court of Appeals for the Second Circuit ruled Wednesday that the...
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