Financial Services Litigation & Investigations Group
Financial Services Litigation & Investigations Group
In the face of turmoil and uncertainty, the world's major financial institutions continue to choose our team to help them manage their business, litigation and reputational risks and thrive in the new economic and regulatory climate. To our clients we are much more than litigators - we are business partners who have a stake in their success.
Citigroup Wins Summary Judgment
- Client News
- February 1, 2013
Judge Lisa Munyon of the Orange County Circuit Court, in Orlando, Florida, granted Paul, Weiss client Citigroup Inc.'s motion for summary judgment on all the claims asserted in Sungate Securities LLLP, et al. v. Citigroup Inc. The plaintiffs were investors in a feeder fund sponsored by Citigroup Alternative Investments that in turn invested in a fund managed by private equity manager Terra Firma. Plaintiffs claim that the involvement of various Citigroup subsidiaries in Terra Firma's acquisition of the music company EMI constituted, among other things, a breach of fiduciary duty. Following the conclusion of fact and expert discovery, Judge Munyon granted summary judgment for Citigroup on all of plaintiffs' claims, concluding, among other things, that the partnership documents in question barred the claims, and that Citigroup did not owe a fiduciary duty to the plaintiffs.
The Paul, Weiss team included litigation partners Brad Karp and Andrew Ehrlich and counsel Maria Keane.