2nd Circ. Clears Wachtell In Refiner's Malpractice Case

Law360 (October 7, 2020, 6:09 PM EDT) -- The Second Circuit on Wednesday put an end to CVR Energy Inc.'s allegations that negligence and other bad lawyering by Wachtell Lipton Rosen & Katz left the company on the hook for $37 million in bank fees after Carl Icahn's 2012 takeover.

The Second Circuit affirmed the dismissal of Texas-based petroleum refiner CVR's claims in a nonprecedential summary order. The panel said Wachtell was not to blame for the company's decision to sign engagement letters with Deutsche Bank Securities Inc. and Goldman Sachs & Co. that required CVR to pay them $37 million in sales transaction fees when Icahn succeeded in...

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