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Sullivan & Cromwell has agreed to pay $25.5 million to settle a legal malpractice suit that claimed the New York firm provided faulty advice to a health care company in a spinoff transaction. The company claimed the law firm failed to advise it that it could have transferred $750 million in outstanding bonds to its new corporate entity and that Sullivan & Cromwell neglected a conflict of interest in representing both companies during and after the spinoff.
October 31, 2005 at 12:00 AM
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The original version of this story was published on Law.Com
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