NewsFeed365
  • Home
  • Legal Affairs
  • Lawsuit
  • Advocacy
  • Attorneys
  • Lawyers
  • Litigation
  • Solicitor
No Result
View All Result
NewsFeed365
No Result
View All Result
Alleged cut-and-paste mistake wasn’t reason for client’s claimed $636M loss, Proskauer argues

Alleged cut-and-paste mistake wasn’t reason for client’s claimed $636M loss, Proskauer argues

News Admin by News Admin
May 21, 2023
in Legal Affairs
0
Share on FacebookShare on Twitter


  1. Home
  2. Daily News
  3. Alleged cut-and-paste mistake wasn’t purpose…

Legislation Corporations

Alleged cut-and-paste mistake wasn’t purpose for consumer’s claimed $636M loss, Proskauer argues

By Debra Cassens Weiss

Might 11, 2023, 2:56 pm CDT

copy paste words on keyboard

Picture from Shutterstock.

Proskauer Rose is arguing {that a} dangerous enterprise associate—and never a drafting mistake—is guilty for a consumer’s losses, that are alleged to be round $636 million.

Proskauer Rose argued Tuesday in a Massachusetts superior court docket that its former consumer couldn’t sue as a result of his losses had been brought on by a enterprise associate who breached a number of contractual provisions when he transferred a key asset to himself.

Law360 lined the listening to.

The previous consumer, Robert Adelman, had argued that the contract drafted by Proskauer Rose wrongly included a provision that allowed the switch. The availability was mistakenly copied from one other contract in a “botched cut-and-paste,” in keeping with Adelson’s opposition to summary judgment within the case.

Adelman pointed to a doc produced in discovery wherein somebody from Proskauer Rose drew strains across the provision and wrote the F-word within the margin.

Adelman had employed Proskauer Rose to draft agreements when he and one other associate determined to separate his firm venBio in two. The corporate initially operated a enterprise capital fund and a hedge fund. Adelman and the associate needed to spin off the hedge fund and to put in one other particular person—Behzad Aghazadeh—as the bulk proprietor and supervisor of the hedge fund enterprise.

Adelman was purported to proceed to share the hedge fund income as a minority proprietor. However Aghazadeh transferred a key asset referred to as the “Service Firm” to a shell firm that he largely owned, in keeping with the opposition to abstract judgment. The Service Firm earned charges for managing the hedge funds.

The allegedly defective provision allowed Aghazadeh to redeem any associate’s curiosity in reference to “strategic transactions.” Restricted companions had no proper to withhold approval and no proper to an appraisal, Adelman argued.

A Proskauer Rose spokesperson didn’t instantly reply to the ABA Journal’s request for remark. The legislation agency’s motion for summary judgment says Proskauer Rose “brought on Adelman no hurt.”

“The face of the agreements flatly prohibited Aghazadeh from partaking within the transaction,” Proskauer Rose argued.

Extra particularly, Proskauer Rose argued, Aghazadeh violated 5 contractual provisions:

  • A ban on promoting the Service Firm
  • A disclosure requirement concerning advantages of strategic transactions
  • A requirement for consent upfront of conflicted transactions
  • Fiduciary obligation necessities
  • A requirement to share 27.5% of consideration for the transaction

“Every of Aghazadeh’s breaches severs the chain of causation between Proskauer’s alleged conduct and Adelman’s damage,” Proskauer Rose argued.





Source link

You might also like

Lowering of SUD Treatment Barriers Marks AAFP Advocacy … – AAFP News

Vice Media Promotes Stu Goldstein To Newly Created Business & Legal Affairs Top Job – Yahoo Finance Australia

April 28, 2024
Judge’s suspension will end his career as elected judge; he coerced pleas, demeaned litigants, court says

Lawyer suspended after he’s accused of plying teens with alcohol and touching one of them sexually

April 28, 2024
Tags: 636MAllegedArguesclaimedClientscutandpastelossmistakeProskauerReasonwasnt
News Admin

News Admin

Related Stories

Lowering of SUD Treatment Barriers Marks AAFP Advocacy … – AAFP News

Vice Media Promotes Stu Goldstein To Newly Created Business & Legal Affairs Top Job – Yahoo Finance Australia

by News Admin
April 28, 2024
0

Vice Media Promotes Stu Goldstein To Newly Created Business & Legal Affairs Top Job  Yahoo Finance Australia Source link

Judge’s suspension will end his career as elected judge; he coerced pleas, demeaned litigants, court says

Lawyer suspended after he’s accused of plying teens with alcohol and touching one of them sexually

by News Admin
April 28, 2024
0

Home Daily News Lawyer suspended after he is accused of plying… Ethics Lawyer suspended after he is accused of plying...

Kenya ministry calls for regulation of TikTok rather than outright ban – JURIST

Kenya ministry calls for regulation of TikTok rather than outright ban – JURIST

by News Admin
April 27, 2024
0

Kenya’s Ministry of Data and Communications urged legislators to regulate the social media platform TikTok slightly than ban it outright,...

Lowering of SUD Treatment Barriers Marks AAFP Advocacy … – AAFP News

ILO hosts knowledge exchange session on dispute resolution with The Bahamas and Grenada – ILO

by News Admin
April 27, 2024
0

ILO hosts knowledge exchange session on dispute resolution with The Bahamas and Grenada  ILO Source link

Next Post
Lowering of SUD Treatment Barriers Marks AAFP Advocacy … – AAFP News

Hidden crypto holdings turn divorce battles into high-stakes cases ... - Finbold - Finance in Bold

Recent News

Lowering of SUD Treatment Barriers Marks AAFP Advocacy … – AAFP News

Howzat?! Hamers Solicitors backs Hessle Cricket club with three-year sponsorship deal – Business Up North

April 29, 2024
Lowering of SUD Treatment Barriers Marks AAFP Advocacy … – AAFP News

Slaughter and May triumphs as fastest law firm in inaugural legal 5k race – Solicitors Journal

April 29, 2024

Categories

  • Advocacy
  • Attorneys
  • General
  • Lawsuit
  • Lawyers
  • Legal Affairs
  • Litigation
  • Solicitor

Follow Us

Recommended

  • Howzat?! Hamers Solicitors backs Hessle Cricket club with three-year sponsorship deal – Business Up North
  • Slaughter and May triumphs as fastest law firm in inaugural legal 5k race – Solicitors Journal
  • Children's Advocacy Center holds 8th Strike Out Child Abuse bowling event – Butler Eagle
  • Addressing miscarriages of justice: A closer look at compensation claims – Solicitors Journal

© 2021 NewsFeed365

No Result
View All Result
  • Home
  • Legal Affairs
  • Lawsuit
  • Advocacy
  • Attorneys
  • Lawyers
  • Litigation
  • Solicitor

© 2021 NewsFeed365