Cases

Flag Litigation Trust

G&E represented a litigation trust established by the Bankruptcy Court for the Southern District of New York for the purpose of pursuing litigation on behalf of the creditors of Flag Telecom Holdings Ltd. The complaint in this case alleged breaches of fiduciary duty under Bermuda law by Flag’s officers and directors, aided and abetted by certain third parties, in connection with various fraudulent conveyances and the company’s filing of materially false financial statements. The suit was filed in New York Supreme Court, and was subsequently removed to federal court by the defendants. In November 2010, the suit settled for $24.4 million.

Company
Flag Litigation Trust
Case Name
Flag Litigation Trust v. Bande, et al.
Settlement
$24.4 Million
Court
Southern District of New York

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