Thelen Lawyers Urge Second Circuit to Allow ClawbacksOctober 7, 2013 – In The News
Yann Geron was featured in The Am Law Daily article “Thelen Lawyers Urge Second Circuit to Allow Clawbacks." While the full text can be found in the October 7, 2013, issue of The Am Law Daily, a synopsis is noted below.
An attorney for the bankruptcy estate of the now defunct Thelen LLP has urged a three-judge federal appellate panel in New York to rule that it be allowed to assert ownership rights to hourly matters their ex-partners took to new firms.
The confusion has been highlighted by a suit brought by Thelen trustee Yann Geron against a firm that hired 12 Thelen partners following the firm’s dissolution. In addition to seeking money for the work taken to the attorneys’ new firm, Geron argues in the suit that a waiver the partners signed to shield them from Jewel claims should be considered a constructive fraudulent transfer.
The judges questioned the definition of an unfinished hourly business matter, asking Geron’s attorney to define billable work that, for instance, is more of a continuing relationship between client and attorney than an assignment.
Following the hearing, Geron and his attorney both stated they were pleased with the arguments and the questions from the judges.