Baker McKenzie Faces $600M Suit Over Stock Option Plan

Law360, New York (April 11, 2011, 8:01 PM EDT) -- Industrial Enterprises of America Inc. sued Baker & McKenzie LLP in Delaware on Monday, alleging the firm and a former Baker partner had a major role in a scheme to loot Industrial Enterprises through a stock option plan that left the company bankrupt.

IEAM says that Baker & McKenzie “did not merely assist or participate in the fraud, it actually conceived of the engine that drove it” in an adversary complaint filed in the U.S. Bankruptcy Court for the District of Delaware.

The antifreeze maker's former...
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