The law firm of Clifford Chance has been cut loose from the lawsuit brought by investors in the wake of Diagnostic Ventures Inc.’s $1.7 billion collapse a decade ago.
U.S. District Judge Legrome D. Davis of the Eastern District of Pennsylvania granted summary judgment to the firm, saying that there was no evidence that investors relied on statements made by Clifford Chance, which had been DVI’s lead corporate counsel. Further, Davis said, none of the law firm’s statements could be considered public, which would be necessary for the plaintiffs to succeed on a fraud-on-the-market theory.
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