Retired partners from defunct Coudert Brothers have lost their second attempt to recover money from three law firms that took a sizeable chunk of the firm’s assets after its 2005 dissolution, reports the New York Law Journal.
A group of 24 former partners sued Baker & McKenzie, Orrick Herrington & Sutcliffe and Dechert in 2007, claiming that the firms conspired with Coudert partners to buy firm assets for less than fair market value. Because none of the three firms took on 50% of Coudert’s assets, none were true ‘successor’ firms with obligations to continue paying retirement benefits, according to court filings.
