Ballard Spahr Loses Appeals Fight With Investment Fund Over Fees

Ballard Spahr LLP lost its appeal to collect nearly $237,000 in legal fees for work it did for a managing member of a once-bankrupt investment fund.

No oral or written promise existed allowing the law firm to collect the fees from Wisconsin-based Greenpoint Tactical Income Fund for work it performed during regulatory investigations into Michael Hull, the US Court of Appeals for the Seventh Circuit ruled on Friday.

The appeals court, affirming lower court rulings in favor of a committee of equity holders, said Wisconsin law requires a written agreement for one party to assume another’s debt.

Hull had hired ...