Judge Allows Law Firm To Exit $23M Cobalt Fraud Suit

Law360, New York (March 9, 2012, 1:38 PM EST) -- A New York federal judge on Wednesday dismissed one of several law firms that allegedly aided a $23 million criminal securities scam at Cobalt Capital Funding, ruling that in the wake of a recent appeals court decision the receiver had no standing to sue the firm.

U.S. District Judge Kimba Wood ruled that a recent appeals court decision in litigation over the collapse of Refco Inc. undermined the court's 2009 ruling that let the receiver for the Cobalt entities go after Certilman Balin Adler & Hyman...
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