Day Pitney LLP successfully represented Amboy Bancorporation in a legal malpractice case before the U.S. Court of Appeals for the 3rd Circuit. At issue in Amboy Bancorporation v. The Bank Advisory Group, Inc.; Jenkens & Gilchrist was whether misrepresentations in a proxy statement drafted by the law firm, Jenkens & Gilchrist, and a valuation firm, The Bank Advisory Group ("BAG"), could be regarded as the proximate cause of the damages incurred by Amboy, arising from a successful minority shareholder action against it.
In an opinion dated April 25, 2011, the 3rd Circuit found that a jury could conclude the misrepresentations in the proxy statement may be considered the proximate cause of Amboy's damages. The appellate court also held that BAG should remain a party to this action, as Amboy might not be able to recover fully in its absence due to New Jersey's Comparative Negligence Act, which limits a plaintiff's right to recovery in cases involving multiple defendants.
Day Pitney lawyers involved in the case were Dennis T. Kearney, who argued the appeal, and Camille V. Otero, partners in the firm's Parsippany, NJ, office, and Denise R. Rosenhaft, an associate.
About Day Pitney
Day Pitney LLP is a full-service law firm with approximately 350 attorneys operating in offices in New York, New Jersey, Connecticut, Boston, and Washington, DC. The firm offers clients strong corporate and litigation practices, with experience on behalf of large national and international corporations, as well as emerging and middle market companies and individuals.
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