Judge Allows Ex-TMST Execs' Claims To Shift Liability

Law360, Wilmington (May 11, 2011, 9:25 PM EDT) -- Two former TMST Inc. executives accused of looting the bankrupt real estate investment trust can pursue claims that would shift liability to the company’s chairman and an affiliate under theories of contractual indemnification and contribution, a Maryland federal judge ruled Wednesday.

TMST's former CEO Larry Goldstone and former chief financial officer Clarence G. Simmons filed the two claims in response to a fraud suit against them by TMST’s court-appointed trustee, Joel I. Sher. The trustee sued the executives and Orrick Herrington & Sutcliffe LLP attorneys in...
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