Tokai Intl. Holdings Inc. may go forward with a cleanup cost-related malpractice suit against law firm Paul Hastings LLP, a California appeals court held Oct. 25.
The firm allegedly failed to properly advise the Delaware-based company about environmental cleanup costs taken on by a subsidiary when it bought a holding company in 2005. Paul Hastings provided advice during the acquisition.
The language in the contract between Tokai’s subsidiary and Itochu Enex Co. Ltd.—the company from which the subsidiary bought the holding company—allowed Tokai to pursue indemnification claims for the cleanup expenses as an “affiliate” of its subsidiary, the court said. ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.