Elements of Fraud Absent, Panel Says in Dismissing $70M Suit
New York partner Rori Cassirer was quoted and associate Bennet Moskowitz was mentioned in a front page June 6 New York Law Journal article about a New York appellate court’s decision holding that a 2015 dismissal of a $70 million fraud suit brought by a prominent Manhattan-based private equity fund, MatlinPatterson, against Troutman Sanders’ clients, former officers and directors (including the founders) of an Israeli-based company, DuCool, Ltd., was warranted. MatlinPatterson claimed it invested tens of millions of dollars into DuCool based on fraudulent statements and omissions by the firm’s clients.
In discussing the appellate court’s application of a prominent ruling last year by New York’s highest court, Rori stated the appellate court “clarif[ied] the well-set principles of law relating to pleadings standards in a fraud action brought by an experienced and sophisticated investor who had the means and ample opportunity to discover all facts relating to the true nature and real quality of the investment it made.”
Rori argued the appeal; the firm also represented the clients at the trial level.