Dechert Dodges Fortress' $50M Suit Over Ponzi Loan

Law360, New York (November 29, 2011, 9:18 PM EST) -- A New York appeals court on Tuesday tossed Fortress Credit Corp.'s $50 million malpractice suit claiming Dechert LLP advised it to enter into a loan based on forged documents that actually fed ex-attorney Marc Dreier's Ponzi scheme.

The five-judge panel overturned a lower court's August 2010 rejection of Dechert's motion to dismiss the case, saying in an opinion that the plaintiffs had failed to state sufficient causes of action for their legal malpractice, breach of duty of care and breach of fiduciary duty claims.

Fortress sued Dechert over its legal advice regarding the enforceability of loan documents that were purportedly for...

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