Paul Hastings Hit With $55M Malpractice Suit Over Loan

Law360, New York (December 15, 2009, 5:33 PM EST) -- Ableco Finance LLC has accused Paul Hastings Janofsky & Walker LLP of failing to understand the acquisition agreements underlying the finance company's $125 million loan to the purchaser of bankrupt Steve & Barry’s retail clothing chain, which has allegedly lost Ableco $55 million to date.

The Cerberus Capital Management LP affiliate lodged an amended malpractice complaint against the law firm in the Supreme Court of the State of New York, New York County, on Friday. Paul Hastings attorneys John F. Hilson and Mario J. Ippolito were...
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