Seward & Kissel attorneys secured a victory at New York's Appellate Division, First Department, affirming a decision by the New York Supreme Court granting summary judgment to RBC and affiliated entities and dismissing a $140M lawsuit.

Seward & Kissel attorneys secured a victory at New York’s Appellate Division, First Department, affirming a decision by the New York Supreme Court granting summary judgment to RBC and affiliated entities and dismissing a $140M lawsuit.

April 19, 2016

On April 19, 2016, New York’s Appellate Division, First Department, affirmed a decision by New York Supreme Court Justice O. Peter Sherwood granting summary judgment to RBC and two affiliated entities and dismissing a $140 million lawsuit by institutional investors seeking to recover alleged investment losses arising from the collapse of the Norshield Financial Group in Canada. In Balanced Return Fund Ltd. et al v. Royal Bank of Canada, et al, the unanimous five-justice panel agreed with the motion court that RBC and its affiliates owed no fiduciary duties to Plaintiffs and did not aid or abet any underlying fraud or breach of fiduciary duty by Norshield. The Seward & Kissel team members included Michael McNamara, Jack Yoskowitz, Ross Hooper, Michael Weitman, Molly Kammien and Katharine Rodgers.

Seward & Kissel attorneys secured a victory at New York’s Appellate Division, First Department, affirming a decision by the New York Supreme Court granting summary judgment to RBC and affiliated entities and dismissing a $140M lawsuit.

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