Firm Wins Dismissal of Lawsuit Against Energy Company
Patterson Belknap secured the dismissal of allegations brought by a prominent hedge fund against our client, a Fortune 500 energy company. In the 1980’s our client leased an interest in a power plant to a banking and financial services corporation with an option to buy it back. In turn, the financial services corporation sold an interest to a hedge fund. After our client bought back the interest in 2012, the hedge fund sued, alleging flaws in the appraisal process that was used to determine the value of the interest. Patterson Belknap attorneys argued that the energy company’s agreement with the hedge fund barred it from seeking damages.
On June 12, 2013, Judge Charles E. Ramos of the Supreme Court of the State of New York, County of New York, agreed with our arguments and dismissed the complaint against our client. Saul B. Shapiro and Adeel A. Mangi represented the energy company.