McKool Smith Secures Settlement for Investors in D&O Suit
McKool Smith has secured settlements totaling more than $115 million on behalf of a group of investment funds in connection with a lawsuit filed against Jeffrey Soffer, the billionaire owner of the Fontainebleau Miami, and other directors, officers, and executives involved in the $2.9 billion failed Fontainebleau Resort and Casino project in Las Vegas, Nevada.
The plaintiffs, represented by a team of McKool Smith lawyers led by Mike Hennigan and Kirk Dillman, alleged that Soffer and the other defendants defrauded the plaintiffs by misrepresenting the true costs of construction through an elaborate deception involving two sets of books. The case was set to commence trial later this year.
The case is Brigade Leveraged Capital Structures Fund, Ltd., et al. v. Fontainebleau Resorts, LLC et al., Case No.: A-11-637835-B (Clark County District Court, Nevada).
McKool Smith also represents plaintiffs in a companion case brought against Bank of America which involves claims that the bank breached its obligations as disbursement agent on the Fontainebleau project. The case is Avenue CLO Fund Ltd. et al. v. Bank of America NA et al., case number 2:09-cv-01047, in the U.S. District Court for the District of Nevada.
With more than 185 trial lawyers across offices in Austin, Dallas, Houston, Los Angeles, Marshall, New York, Silicon Valley, and Washington, DC, McKool Smith has established a reputation as one of America’s leading trial firms. The firm has also won more VerdictSearch and The National Law Journal and "Top 100 Verdicts" over the last seven years than any other law firm in the country. Courtroom successes like these have earned McKool Smith critical acclaim and helped the firm become what The Wall Street Journal describes as “one of the biggest law firm success stories of the past decade.” McKool Smith represents leading clients in complex commercial litigation, intellectual property, bankruptcy, and white collar defense matters.