Ruling Limits Defunct Law Firms’ Claims to Unfinished Business

In a blow to law-firm bankruptcy trustees, New York's high court ruled that defunct law firms cannot recoup profits from unfinished work taken by their former lawyers to new professional homes.

The unanimous decision by the New York Court of Appeals, released Tuesday, roundly rejects arguments brought by those unwinding the law firms Coudert Brothers LLP and Thelen LLP , who have long insisted the so-called unfinished business doctrine gives them authority to claw back money earned on pending legal matters for the benefit of creditors.

Source: http://blogs.wsj.com/law/2014/07/01/ruling-limits-defunct-law-firms-claims-to-unfinished-business/?mod=WSJBlog

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