The Heller Ehrman estate is considering suing Covington & Burling and 14 partners who defected to the firm last September for breach of fiduciary duty, according to court filings and other sources. To many, the partners' defection was the straw that broke Heller's back. Many blamed the move for the collapse of merger talks with Mayer Brown. More to the point, the departures caused Heller to default on a bank covenant that restricted partner losses. The banks froze the firm's accounts, and the firm called it quits Sept. 26.
July 07, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The Heller Ehrman estate is considering suing Covington & Burling and 14 partners who defected to the firm last September for breach of fiduciary duty, according to bankruptcy court filings and other sources.
Heller has hired special counsel Lovitt & Hannan to investigate who it could pursue to recover money for the estate. The firm’s fee request (.pdf) reveals it already has worked many hours on the Covington issue.
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