Simpson Thacher Obtains Dismissal of Derivative Lawsuit Against Angelo Gordon & Co., L.P. and Silver Oak Capital, L.L.C.
On March 13, 2013, the Commercial Division of the New York Supreme Court dismissed a shareholder derivative complaint filed by shareholders and franchisees of Culligan Ltd. against funds and lenders, including Simpson Thacher clients Angelo Gordon & Co., L.P. and Silver Oak Capital, L.L.C., which participated in a 2012 restructuring of Culligan’s debt. Culligan is a Bermuda corporation and the Court ruled that under Bermuda law the plaintiffs lacked standing to pursue their claims. The STB litigation team consisted of Pete Kazanoff and Lexie Pitney.