Munger, Tolles & Olson prevailed on behalf of Fortress Investment Group in a five-week bench trial against claims brought by HM Ruby, a life settlement hedge fund, alleging breach of fiduciary duty, breach of contract, unfair competition, negligent misrepresentation, promissory estoppel and fraud.
HM Ruby sought more than $200 million in compensatory damages plus punitive damages, claiming that shortly before HM Ruby reached the limit on a $65 million credit facility, Fortress promised it would extend additional credit and subsequently reneged on that promise and declared an improper default under the loan agreement. HM Ruby also alleged that Fortress misappropriated its proprietary business information. The plaintiffs were represented by Patricia L. Glaser of Glaser Weil Fink Howard Avchen & Shapiro LLP and Simpson Thacher & Bartlett LLP.
Having already eliminated several of the plaintiffs’ claims on summary judgment, Munger Tolles moved for judgment at the close of plaintiffs’ case. Los Angeles Superior Court Judge Ann I. Jones granted our client’s motion for judgment on all of the plaintiffs’ remaining causes of actions on Nov. 14, 2016, and entered a final judgment on Jan. 6, 2017.
Led by Brad D. Brian and Lisa J. Demsky, the Munger Tolles attorneys representing Fortress include Laura D. Smolowe, Michael R. Doyen, Bradley S. Phillips, Jeffrey Y. Wu, Marja-Liisa Overbeck, Emily B. Viglietta, Jordan D. Segall and Bryn A. Williams.