Client wins summary judgment in action involving disputed distribution proceeds
Clients Confidential client
Jones Day won summary judgment on behalf of its client in an interpleader action filed in New York State Supreme Court. Interpleader plaintiffs brought the action, seeking leave to deposit approximately $30 million in distribution proceeds and stock with the Court because there were allegedly competing interests to the funds. The client and its former CEO both claimed a right to the disputed funds. On summary judgment, the Court held that the former CEO had no claim to the funds and granted the client's motion for summary judgment in its entirety.