03 05 2016

Balanced Return Fund Ltd. et al v. Royal Bank of Canada, et al

Seward & Kissel attorneys secured a victory at New York's Appellate Division, First Department, affirming a decision by the New York Supreme Court granting summary judgment to RBC and affiliated entities and dismissing a $140M lawsuit.


New York’s Appellate Division, First Department, affirmed a decision by New York Supreme Court Justice O. Peter Sherwood granting summary judgment to RBC and two affiliated entities and dismissing a $140 million lawsuit by institutional investors seeking to recover alleged investment losses arising from the collapse of the Norshield Financial Group in Canada.  The unanimous five-justice panel agreed with the motion court that RBC and its affiliates owed no fiduciary duties to Plaintiffs and did not aid or abet any underlying fraud or breach of fiduciary duty by Norshield. Seward & Kissel represented RBC with a team including Michael McNamara (Picture), Jack Yoskowitz, Ross Hooper, Michael Weitman, Molly Kammien and Katharine Rodgers. Involved fees earner: Michael McNamara - Seward & Kissel LLP; Thomas Ross Hooper - Seward & Kissel LLP; Jack Yoskowitz - Seward & Kissel LLP; Molly Kammien - Seward & Kissel LLP; Michael Weitman - Seward & Kissel LLP;

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