Milbank Tweed Hit With $50M Malpractice Suit

Law360, Los Angeles (August 12, 2013, 11:04 PM EDT) -- Partners in financial services company SageMill Capital Advisors LLC sued Milbank Tweed Hadley & McCloy LLP in California court for $50 million Monday, alleging a Milbank partner helped cause a joint venture opportunity to collapse by aiding SageMill's former business partner in breaching his duties to the company.

Plaintiffs Adam Klotz and Richard Spitz claim Milbank partner Deborah Festa created a conflict of interest by simultaneously representing SageMill and the individual interests of SageMill partner Stephen Bruce. While SageMill was pursuing a potentially lucrative 50-50 joint venture with Abu Dhabi-based Invest...
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