Herrick Feinstein Wins Against Lucent TAGLaw's New York City Member Recovers $300 Million
Kudos to Herrick’s Litigation Department, which recovered approximately $300 million in a judgment against Lucent Technologies for their client (the Trustee for the bankruptcy estate of Winstar Communications), after a trial spanning three months ending June 13, 2005. The judgment is believed to be one of the largest in 2005 against a public company in a matter not involving a class action or shareholder derivative litigation.
The Court’s 88-page decision was a stinging indictment of certain of Lucent’s corporate practices and required extensive examination of issues such as insider/voidable preference, new value, equitable subordination and course of dealing between parties.
Articles concerning the case and Lucent’s taking of a $300 million reserve ran in recent issues of the Wall Street Journal, The New York Times and other publications and was carried nationwide by Reuters and the AP.
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