Case Updates

REID COLLINS WINS REMAND OF $63.6 MILLION LAWSUIT ON BEHALF OF BBVA USA

On October 26, 2020, Reid Collins prevailed on its motion to remand a $63.6 million lawsuit back to Dallas state court. The lawsuit involves BBVA’s claims against three high-ranking officers of Nobilis Health Corp., a former publicly traded company that owned and operated dozens of specialty surgical hospitals, ambulatory surgical centers, and multi-specialty clinics. BBVA alleges that these officers made negligent and/or fraudulent misrepresentations related to the company’s financial statements in order to avoid a loan covenant default and to obtain an additional loan from BBVA and its syndicate lenders.

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.
See full story here.

Reid Collins Obtains $1 Billion Judgment Against John Mayo and Celtic Pharma Fund

On September 29, 2020, Reid Collins obtained a $1 billion judgment in New York State Supreme Court on behalf of affiliates of Highland Capital Management, L.P. against John Mayo and a group of Celtic Pharma entities that Mr. Mayo co-founded with his business partner, Stephen Evans-Freke. After the trial court and First Department each rejected attempts to dismiss the case by Mr. Mayo and the Celtic Pharma entities, it subsequently entered judgment in the plaintiffs’ favor, including for claims against Mr. Mayo as an alter ego of various Celtic Pharma entities that defaulted on senior secured notes issued to the plaintiffs. The plaintiffs’ claims against Mr. Evans-Freke and his current fund, Auven Therapeutics (as alleged successor to the Celtic Pharma investment manager that defaulted) remain pending in the trial court.

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