Shearman & Sterling Malpractice Claim Can Proceed

Law360, New York (June 6, 2008, 12:00 AM EDT) -- A New York appeals court has allowed an investor to go forward with his malpractice claim, which accuses Shearman & Sterling LLP of failing to ensure his first-priority security interests in a loan transaction.

James Garten, a New York-based investor, alleges that Shearman & Sterling failed to prepare the documents needed to give him a first-priority security interest in a deal to loan $750,000 to Pacific Jet Inc., an air charter company.

Garten claims he agreed to make the loan on the condition that he would...
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