Paul Hastings Freed From $50M Cerberus Malpractice Case

Law360, New York (August 20, 2013, 2:11 PM EDT) -- A Cerberus Capital Management LP affiliate has only itself to blame for loaning money for another company to acquire assets from a bankrupt retailer, a New York state appeals court ruled Tuesday, finding that Paul Hastings LLP hadn't dropped the ball.

The Cerberus affiliate, Ableco Finance LLC, had alleged that its lawyers at Paul Hastings hadn't told it that the loan wasn't secured by as much of bankrupt retailer Steve & Barry's inventory as it thought, but the evidence in the case suggested otherwise, a unanimous...
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