AgFeed Trustee Claims Outside Counsel Gave Bad Advice
Law360, Wilmington (July 16, 2015, 9:16 PM EDT) -- The trustee for bankrupt AgFeed Industries Inc. launched an adversary suit Wednesday claiming that law firms Buchanan Ingersoll & Rooney PC and Stevens & Lee PC failed to provide advice that should have tipped the agricultural supplier to a $239 million accounting scheme perpetrated by its Chinese units.
Buchanan, Stevens & Lee and attorney William W. Uchimoto — a one-time partner at the firms — were hired as outside counsel to guide AgFeed and its board on the company's responsibilities to the investing public, but didn't live up their roles, the trustee said in a complaint filed in Delaware bankruptcy court....
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