Bond Insurer Attorneys Barred from San Bernardino BankruptcyJune 13, 2013 – In The News
Michael Sweet was quoted in the Reuters article "Bond Insurer Attorneys Barred from San Bernardino Bankruptcy." While the full text can be found in the June 13, 2013, issue of Reuters, a synopsis is noted below.
Federal Bankruptcy Judge Meredith Jury disqualified the firm of Winston & Strawn from representing a major bond issuer for the San Bernardino bankruptcy case, saying some of its lawyers had “switched sides.” Winston & Strawn had recently hired attorneys who had worked on the case for the state pension fund, Calpers, leading to the judge’s ruling.
“Changing attorneys in the middle of a case is never easy. Changing attorneys in a high-stakes, high profile case is particularly tough,” said Michael Sweet.
“There is a lot of institutional knowledge that is going to be lost to National,” Sweet said. With hearings scheduled for July and August to determine San Bernardino’s eligibility for bankruptcy, “new attorneys will be under the gun to learn the case quickly.”