January 29, 2015
Gardy & Notis LLP is co-lead counsel for bondholders who own 6.50% Senior Notes due 2016 issued by Caesars Entertainment Operating Corporation (CEOC) and guaranteed by Caesars Entertainment Corporation (CEC).The 2016 Senior Notes were issued by CEOC pursuant to a June 9, 2006 indenture.The complaint alleges that CEOC and CEC violated the Trust Indenture Act of 1939, 15 U.S.C. §§77aaa, et seq
., breached the 2016 indenture and the covenant of good faith and fair dealing when CEOC and CEC entered into a transaction to release CEC from its guarantee obligation on the 2016 Senior Notes as part of a scheme to protect CEC and its private equity sponsors ahead of a planned bankruptcy for CEOC.
January 14, 2013
On January 4, 2013, the United States Court of Appeals for the First Circuit reinstated shareholder derivative claims filed by Gardy & Notis, LLP in the United States District Court for the District of Puerto Rico relating to UBS closed-end funds in Puerto Rico, including: Puerto Rico Fixed Income Fund II, Inc., Puerto Rico Fixed Income Fund III, Inc., Puerto Rico Fixed Income Fund IV, Inc., and the Tax-Free Puerto Rico Fund II, Inc.
January 07, 2013
Gardy & Notis, LLP has been appointed by the Court as lead counsel for holders of the limited partnership interest in the Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage, L.P. The case sought to recoup damages for breaches of fiduciary duty and/or aiding and abetting breaches of fiduciary duty against Bear Stearns Asset Management Inc., The Bear Stearns Companies Inc., Bear, Stearns & Co. Inc., and the directors and portfolio managers of the fund during the period beginning on August 1, 2006 (when the fund started) and concluding on July 18, 2007 (when the fund collapsed). The case alleged that defendants breached their fiduciary duty to the fund by permitting investments inconsistent with the terms of the fund’s governing documents, failing adequately to analyze and assess the credit risks of investments, assigning inflated values to assets of the fund, and permitting principal trades with related entities without required approvals by independent directors.