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The RCT Legal Team

Austin Dallas New York Washington, D.C.

REID COLLINS FILES $300 MILLION LEGAL MALPRACTICE SUIT AGAINST BROWN RUDNICK

On February 5, 2020, Reid Collins filed an amended complaint on behalf of the LB Litigation Trust against Brown Rudnick LLP for legal malpractice and breach of fiduciary duty. The LB Litigation Trust alleges that Brown Rudnick botched the prosecution of a $300 million preference claim by failing to prove that the debtor, Lyondell Chemical Company, was insolvent at the time of the preferential transfers. Specifically, as alleged in the complaint, Brown Rudnick inexplicably missed $8 billion in liabilities owed by Lyondell that clearly rendered the debtor insolvent. Brown Rudnick also failed to submit an expert opinion on Lyondell’s insolvency and misunderstood well-established law on how to prove a preferential transfer under the Bankruptcy Code. The complaint further alleges that Brown Rudnick internally acknowledged its mistakes but concealed its malpractice from the Trust.
Read complaint here.

REID COLLINS DEFEATS MOTION TO DISMISS $550 MILLION LAWSUIT AGAINST STERLING PARTNERS

On January 21, 2020, Reid Collins defeated a motion to dismiss its $550 million lawsuit against Sterling Partners on behalf of the Adeptus Litigation Trust. The suit alleges that Sterling and its co-defendants breached their fiduciary duties to Adeptus Health Inc., a former public company and largest owner of free-standing emergency rooms in the country. Specifically, the suit alleges that Sterling forced Adeptus to buy out its position at artificially inflated prices shortly before Adeptus collapsed into bankruptcy. In denying Sterling’s motion, the Delaware Chancery Court described the case as involving “a very sophisticated pump-and-dump scheme . . . carried out by a highly sophisticated investment firm.”
See hearing transcript here.

BEN BARNES LISTED AMONG BEST LAWYERS UNDER 40 IN DALLAS

Each year, D Magazine honors up-and-coming attorneys in Dallas by publishing its list of the best lawyers under 40 in Dallas. Honorees are nominated by their peers and selected by an anonymous panel of esteemed local lawyers.
D Magazine included Ben Barnes of Reid Collins & Tsai LLP as one of the Best Lawyers Under 40 in Dallas in 2020.
See story here.

REID COLLINS DEFEATS MOTION TO DISMISS $42 MILLION LAWSUIT AGAINST SUN CAPITAL

On January 23, 2020, the Delaware bankruptcy court denied Sun Capital’s motion to dismiss a $42 million fraudulent transfer action brought by the liquidating trustee for the Limited Stores Company (d/b/a “The Limited”). The trustee alleges that Sun Capital, a large private equity firm, effectively looted The Limited before its bankruptcy by causing the company to issue a highly leveraged $42 million dividend for Sun Capital’s benefit. In denying the motion to dismiss, the court rejected each of Sun Capital’s arguments to hold that the trustee had adequately pleaded and timely filed its complaint. The case will now proceed to discovery.
See order here.

REID COLLINS WINS ELITE TRIAL LAWYERS AWARD IN TWO PRACTICE AREAS

Reid Collins is honored to have been named Law Firm of the Year in two practice areas—Commercial Litigation and Bankruptcy—at the National Law Journal’s 2020 Elite Trial Lawyers ceremony. This accolade recognizes U.S. based law firms that have performed cutting-edge work on behalf of plaintiffs.

The attorney responsible for this website is William T. Reid, IV

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