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Liability of a banking pool following the bankruptcy of a LBO:

December 2010 - Finance. Legal Developments by De Pardieu Brocas Maffei .

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Case dismissed by the Court of Appeals of Grenoble

Paris, November 29, 2010 – Further to an appeal lodged by a banking pool which was sentenced by the lower court to indemnify a FCPR (venture capital fund), two individuals and two liquidators for the detrimental consequences of the rehabilitation proceedings, followed by judicial liquidation, opened against two companies of which they were respectively acting as shareholder, former managers and liquidators, the Court of Appeals of Grenoble invalidated the three judgments pursuant to three decisions dated October 28, 2010 considering that the banks could not be held liable for any misconduct and acknowledging, on the contrary, the gross negligence and the intentional concealments of the companies and their managers.

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About De Pardieu Brocas Maffei

Established in 1993, De Pardieu Brocas Maffei ranks among the top firms in France in the principal areas of business law and is today a firm made up of 100 lawyers, including 30 partners, more specifically active in the following areas of practice: banking, finance & capital markets, mergers-acquisitions & private equity, restructuring & insolvency, real estate & real estate finance, competition law, tax law, public law, labor law & litigation.

Widely recognized for its strong international practice relying on the skills of its teams and their experience in cross-border transactions, De Pardieu Brocas Maffei advises large French and foreign groups.

De Pardieu Brocas Maffei has been awarded the “Client Service Award” (2008) by Chambers Europe and the following Awards “Real estate transactions and construction” (2007), “Mergers acquisitions” (2006) and “Bankruptcy proceedings and restructurings” (2006) by Décideurs.

www.de-pardieu.com

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