The New Jersey Appellate Division has rejected Basil Law Group’s claim that it is due $400,000 in fees and additional work promised in a “gentleman’s agreement” with Noah Bank, after the bank’s CEO stepped down amid criminal charges.
In January 2018, president and CEO of Noah Bank, Edward Shin, retained the Basil Law Group to substitute as trial counsel in a federal court suit, according to the Appellate Division’s June 14 opinion. The retainer agreement was for representation in a trademark and unfair business practice claim. The agreement required a flat fee of $650,000, which required an initial payment of $100,000 and monthly installments of the same dollar amount until paid in full.
