Panel Asks State for Clarity On Unfinished Business DoctrineNovember 18, 2013 – In The News
Yann Geron was featured in the New York Law Journal article “Panel Asks State for Clarity On Unfinished Business Doctrine.” While the full text can be found in the November 18, 2013, issue of New York Law Journal, a synopsis is noted below.
In a decision pertinent to the Thelen bankruptcy, the U.S. Court of Appeals for the Second Circuit said that the New York Court of Appeals should decide whether the remains of law firms that dissolve in the state have an ownership right to fees earned from hourly matters taken by their former partners to new firms.
In addition to Thelen, there have been other firms in recent years who have had trustees seeking to recover funds for creditors. These cases underscore the importance of creating clarity on the issue.
“We are certainly pleased from the estate’s perspective that the Second Circuit clearly reviewed all of the issues at length,” said Geron. He also stated that they look forward to seeing what happens next at the New York Court of Appeals.