Home

Update: Morgan & Finnegan’s Bouncing Severance Checks
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Morgan & FinneganNew York Judge Richard Lowe has issued an injunction barring Morgan & Finnegan from selling or transferring assets, in a lawsuit contending the dissolved law firm defaulted on its loan agreement.

JPMorgan Chase contends that Morgan & Finnegan owes it more than $4 million; the firm has bounced severance checks since its assets in the bank are frozen.

Lowe has appointed a receiver, and is requiring the law firm to identify all its assets, including partner capital accounts.

  
What
Where


JPMorgan agreed to give the law firm a $2 million revolving line of credit and a letter of credit for nearly $4.97 million, to pay for a lease at Three World Financial Center. By December, Finnegan & Morgan was talking to Locke Lord Bissell & Liddell, which agreed to hire more than 30 of its lawyers.

The firm dissolved last month, but Locke Lord is occupying the leased premises under a cross-licensing agreement with Morgan & Finnegan, encumbering the bank’s collateral, the complaint says. JPMorgan contends the firm missed its February rent, causing the landlord to seek the full $4.9 million under the letter of credit.

Locke Lord is not a party to the suit.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

RELEVANT JOBS

Associate Attorney

USA-PA-Exton

ASSOCIATE ATTORNEY McKenna Snyder LLC, a law firm in Exton, PA has an immediate opening for an ex...

Apply now

Attorney

USA-MI-Sturgis

Qualifications: HaasCaywood is seeking associate attorneys for our Coldwater and Sturgis, Michiga...

Apply now

Attorney

USA-MI-Coldwater

Qualifications: HaasCaywood is seeking associate attorneys for our Coldwater and Sturgis, Michiga...

Apply now

Insurance Defense Trial Attorney/ Senior Counsel

USA-CA-San Francisco

Job description Trial Attorney - Personal Injury Defense Full Job Description Hickey Smith ...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Education Law Attorney

USA-CA-El Segundo

El Segundo office of a BCG Attorney Search Top Ranked Law Firm seeks an education law attorney with ...

Apply Now

Education Law Attorney

USA-CA-Carlsbad

Carlsbad office of a BCG Attorney Search Top Ranked Law Firm seeks an education law attorney with 4-...

Apply Now

Education Law and Public Entity Attorney

USA-CA-El Segundo

El Segundo office of a BCG Attorney Search Top Ranked Law Firm seeks an education law and public ent...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top