Cases & Deals

Greenwich Capital obtains summary judgment on all counts in suit brought by chapter 7 trustee

Clients Royal Bank of Scotland Group Plc, The

Jones Day represented Greenwich Capital Financial Products, Inc., the former DIP lender to American Business Financial Services, a chapter 11 debtor. Greenwich (now known as RBS Financial Products, Inc.) was sued by the chapter 7 Trustee for fraud on the Court, common law fraud, breach of fiduciary duty, aiding and abetting a breach of fiduciary duty, avoidance of fraudulent transfers, breach of contract, civil conspiracy, conversion, accounting, and equitable subordination. In May 2012, Jones Day, as co-counsel for Greenwich, obtained summary judgment on all counts of the Trustee's amended complaint.