Airgas, Cravath Settle Suit Tied To Air Products Fight

Law360, New York (June 20, 2011, 2:07 PM EDT) -- Airgas Inc. said Friday it had reached a settlement in Pennsylvania in its breach of fiduciary duty suit against Cravath Swaine & Moore LLP, which had represented Air Products & Chemicals Inc. in its hostile bid to take over the specialty gas company.

Radnor, Pa.-based Airgas claimed in federal court that between 2001 and 2009, Cravath represented it in at least 25 distinct financing transactions, for which the law firm was paid more than $2 million, and gained knowledge of Airgas' operations — including nonpublic financial...
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