Buyout Advisers Dismissed From Tribune Co. Ch. 11 MDL

Law360 (January 24, 2019, 8:55 PM EST) -- A New York federal judge has dismissed six firms that advised on the 2007 leveraged buyout of Tribune Co. from multidistrict litigation over the media company’s 2008 bankruptcy, saying they can’t be held liable for the alleged wrongdoing of Tribune’s own management.

In a Wednesday decision that also partially dismissed claims against real estate mogul Sam Zell for his part in the deal, U.S. District Judge Denise Cote dismissed claims against the firms — GreatBanc Trust Co., Morgan Stanley & Co., Merrill Lynch, Citigroup Global Markets Inc., Duff & Phelps LLC and Valuation Research Corp. — for their roles as advisers on...

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