A company that lost $50 million in a fraudulent deal with ex-attorney Marc S. Dreier cannot recover damages from Dechert for certifying that the deal was legitimate, a unanimous Appellate Division, First Department, panel ruled yesterday.
The panel, which consisted of Justices David B. Saxe (See Profile), John W. Sweeny Jr. (See Profile), James M. Catterson (See Profile), Helen E. Freedman (See Profile) and Nelson S. Roman (See Profile), found in Fortress Credit Corp. v. Dechert LLP, 603819/2009, that Dechert had not done anything wrong in vouching for the deal based on the documents it reviewed, even though those documents turned out to be fraudulent.
