Appellate Division Upholds PQA’s Win in Dismissal of $245 Million Suit

On March 16, 2010, the Appellate Division handed down a per curiam opinion in which the court upheld Superior Judge Daniel M. Waldman’s earlier dismissal of a suit that sought $245 million in damages from PQA’s client. PQA was first retained in July 2008 to defend the highly-publicized case, which was brought by the shareholders of a subsidiary of the client’s former employer, an international securities firm that is publicly traded on the NASDAQ exchange. The suit alleged breaches of fiduciary duty and based its claim of $245 million in damages on changes in price of the shares of the publicly traded parent corporation, which change plaintiffs’ contended was attributable to the alleged breach of fiduciary duty. See below for a further discussion of the case. The Appellate Division issued a 13-page opinion in support of its decision, affirming the dismissal for the reasons relied upon by Judge Waldman below. PQA partner Ken Pringle argued the case on appeal.

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