The Paul, Weiss Litigation Department is led by a team of the country’s most accomplished trial lawyers. Our litigators handle the most complex and demanding lawsuits, class actions, government investigations, criminal prosecutions and restructurings. Our clients include Fortune 50 corporations and other prominent companies in the financial services, investment, medical device, pharmaceutical, sports, technology, energy, media and insurance industries. Every day, we are called on by chief executives, board chairs, general counsel, investors and entrepreneurs for our unmatched trial skills, sophisticated business judgment and renowned strategic advice.
Silverpeak Prevails in Limited Partnership Litigation
- Client News
- August 8, 2016
Justice Saliann Scarpulla of the New York Supreme Court dismissed with prejudice an action filed by several limited partners in a partnership originally created by Lehman Brothers in 2007 to invest in commercial real estate around the world. In the wake of the Lehman bankruptcy, Paul, Weiss client Silverpeak Real Estate Partners LP (whose principals were all former Lehman executives who had formed and run the original investment partnership) was approved, through a consent solicitation, to become the new general partner of the partnership, under the terms of a new investment management contract. The sprawling complaint alleged, among many other things, that the original investments in 2007 had been procured by fraud, that the consent solicitation was itself both fraudulent and technically defective, that those limited partners who had defaulted on their investment obligations were being unfairly treated and that the new management fees approved by a majority of limited partners were unconscionable and void. The Court considered and rejected every one of the sixteen causes of action asserted in the complaint in a comprehensive opinion.
Litigation partner Richard Rosen argued the motion to dismiss for Silverpeak and its principals. Of counsel Robert Hirsh handled the spin out of Silverpeak from Lehman, as well as the ensuing consent solicitation.