A former associate at Labaton Sucharow who sued the firm for $12 million in fees he claimed derived from his political connections in New Mexico has agreed to end the suit. Jon Adams, a former New Mexico assistant attorney general who joined Labaton as an associate in 2004, sued the firm in April 2009 in Manhattan Supreme Court claiming he was owed 10 percent of $118 million in fees generated largely from representing New Mexico’s state pension funds.
Adams had claimed that after introducing Labaton lawyers to New Mexico’s attorney general, Patricia Madrid, the firm got its first work from the funds (Adams v. Labaton Sucharow & Rudoff, 106045/2009). But in an affidavit filed last week, Adams said that while he “had a good faith basis for making the allegations,” he now realized that before he began working at the firm Labaton had already been selected by New Mexico as one of two firms to represent the state’s pensions.
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