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CENTRE LANE PARTNERS, LLC v. SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP

4697, 651721/16.

154 A.D.3d 525 (2017)

62 N.Y.S.3d 341

2017 NY Slip Op 07221

CENTRE LANE PARTNERS, LLC, et al., Appellants, v. SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP, et al., Respondents.

Appellate Division of the Supreme Court of New York, First Department.

Decided October 17, 2017.

In this legal malpractice action, plaintiffs, who are investors in companies that filed for bankruptcy on December 31, 2013, were authorized by the bankruptcy court to sue derivatively on behalf of the bankrupt companies (debtors) as against attorney defendants for alleged conflicted representation provided to the debtors in two transactions where asset transfers allegedly personally benefitted the debtors' principal and controlling shareholder to the debtors' financial detriment...

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