Proskauer Client Can't Blame Firm For $52M Arbitration Loss

Law360, New York (August 4, 2011, 3:11 PM EDT) -- A New York appeals court ruled Thursday that former Oaktree Capital Management LP partner had only himself to blame, and not Proskauer Rose LLP's advice, for losing $51.5 million in arbitration after quitting the real estate hedge fund.

Oaktree partner Russel S. Bernard's actions before he left the hedge fund — neglecting his duties, buying property without Oaktree's consent and taking proprietary information — that were revealed in an arbitration proceeding were responsible for his dismissal, wrote a unanimous five-judge panel.

"The factual findings and issues...
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