Milbank, Tweed, Hadley & McCloy has conceded its liability for the dismissal of a client’s claim in Bankruptcy Court because of the actions of its former partner, but it will not be held liable for punitive or treble damages, a state judge has ruled.

Justice Herman Cahn last week in South Street Corporate Recovery Fund L.P. v. Milbank, Tweed, Hadley & McCloy, filed in Supreme Court, New York County, IA Part 49, granted Milbank’s motion to dismiss its former client’s actions for fraud and treble damages under Judiciary Law �487, which punishes an attorney who is guilty of deceiving the court or any party.

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