Litigation Team Wins $21.7 Million Appeal Affirming a Judgment for Private Equity Investors
On February 25, a New York appeals court, the Appellate Division in Manhattan, unanimously affirmed the 2018 verdict of a New York jury that had found for Ropes & Gray’s client, the plaintiff Casita, L.P., following a seven-week trial. The trial and appellate team was led by senior counsel Jerome Katz.
Casita’s suit alleged that a fund manager of a private equity fund Casita was invested in and his management entities breached their fiduciary duty to Casita and other investors by refusing to sell a portfolio company called Parts Depot, Inc. The case was tried in state court in Manhattan under the law of the Cayman Islands, where the fund was incorporated.
The jury found in Casita’s favor and awarded the full amount of damages that were sought by Ropes & Gray’s lawyers in connection with Parts Depot. The trial court entered a $21.7 million judgment for Casita in October 2019. With the addition of post-judgment interest, the judgment now totals $24.5 million.
Retired partner William Sussman and litigation associate Leon Kotlyar assisted in the matter. Ropes & Gray was co-counsel with Julian Helisek of Ertman Dulis & Helisek.