Dechert Fights Liability Claim In Dreier Scheme

Law360, New York (February 9, 2011, 8:36 PM EST) -- A New York appeals court judge seemed to side with Dechert LLP's assertion Wednesday that its legal opinion letter didn't make the law firm liable for a hedge fund's $50 million in losses in attorney Marc Dreier's Ponzi scheme.

The law firm was "hired for legal conclusions, not factual conclusions," Judge James M. Catterson said during oral arguments before a five-judge panel in the Manhattan courtroom of the Supreme Court of the State of New York, Appellate Division, First Judicial Department.

Attorneys for Dechert and hedge...
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