Hedge Fund News From HedgeCo.Net

Dentons Hit With $146M Malpractice Suit For Loans To Petters

Law360 –  Dentons was hit by a legal malpractice action in Illinois state court on Tuesday by a hedge fund that says the firm’s shoddy work on $146 million in loans made to Ponzi schemer Thomas Petters resulted in the plaintiffs losing interests in Polaroid Corp.

Ritchie Capital Management LLC and affiliates say Dentons and Dentons US LLP, as successors-in-interest of Sonnenschein Nath & Rosenthal LLP, are responsible for the firm’s failure to structure, draft and negotiate the required loan and security agreements.

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