Cravath is being sued for breach of fiduciary duty by its former client, Airgas, Inc., stemming from the firm’s representation of Air Products in that companies unsolicited takeover bid of Airgas.
A hearing is scheduled for next week in Philadelphia state court, and Alison Frankel of the Am Law Litigation Daily has a full report.
Leading up to next week’s main event, Cozen O’Connor partner Stephen Cozen, who is representing Airgas, provided a little preview of his take on the case to the Daily.
You can’t decide when it suits your pleasure to drop one client like a hot potato,” he said.
That is of course true. Cravath (also, of course) has said the case has no merit. So we’ll have to watch and see where this one turns out.
But it’s not often you see one big firm accusing another one of a faulty conflicts policy with such descriptive language. And that is why it’s our quote of the day.
As a reminder, we are finalising our list of Cravath’s most powerful partners, and would still love to hear from you.
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