A $214 million malpractice lawsuit lodged this week by billionaire Ira Rennert served up a reminder that a merged law firm—in this case, Arnold & Porter Kaye Scholer—can’t always avoid fallout from events that trace back to one of the firm’s predecessors.
Rennert’s investment company, The Renco Group Inc., filed suit on Tuesday in New York state court, alleging malpractice against his former lawyers from Kaye Scholer, now part of Arnold & Porter Kaye Scholer after a 2016 merger. The malpractice claim arises out of Kaye Scholer’s defense work for Renco in a case brought by the bankruptcy trustee for Magnesium Corp. of America, a company that Rennert controlled for several years before it went bankrupt in 2001.
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