Reid Collins Featured in Lawdragon for $750 Million Fraud Suit Against Jones Day
Reid Collins was featured by Lawdragon (link) on October 2, 2020, for a lawsuit filed in Houston state court on behalf of Precision Castparts Corp. and PCC Germany Holdings GmbH (together, “Precision”) against Jones Day for aiding and abetting fraud, conspiracy to defraud, fraud, and negligent misrepresentation. The lawsuit seeks to recover $750 million in damages for Jones Day’s role in helping its former client, Schulz Holding GmbH & Co. KG (“Schulz”), fraudulently induce Precision into purchasing Schulz’s subsidiaries for roughly €800 million. Precision already has a judgment against Schulz for the fraud. The lawsuit against Jones Day alleges that Jones Day was aware of Schulz’s fraud and took overt acts to help conceal and misrepresent the true financial condition of the Schulz’s subsidiaries.
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