Main Menu

Lacey Obtains Dismissal of $5 Billion Lawsuit Against Institutional Credit Partners

06.20.2012
Print PDF

ROSELAND, N.J./March 18, 2008 -- John P. Lacey, a member of the Commercial Litigation practice group and Chair of the Business Crimes and Regulatory Compliance sub-practice, recently obtained a dismissal of all claims filed against the firm’s client, Institutional Credit Partners, in a $5 billion lawsuit brought by Fairfax Financial Holdings. In its complaint, Fairfax asserted that ICP had participated in a vast racketeering conspiracy.

Although all of the defendants had moved for dismissal, ICP and one of its employees were the only defendants who were successful in obtaining a complete dismissal of all claims. Mr. Lacey argued that the allegations made by the plaintiff did not allege the elements necessary to state a claim under New Jersey’s racketeering statute or under county law. Superior Court Judge Deanne Wilson agreed, finding that the massive complaint filed by Fairfax did not properly state any legal claims against ICP and the employee. The judge then issued an Order of Dismissal as to all claims made by the plaintiff against the Connell Foley clients.

Shortly after the dismissal, the plaintiff’s counsel advised that it may seek to amend and re-file its complaint as to ICP. Mr. Lacey expressed his belief that, if the plaintiff did seek to re-institute the claims, ICP would prevail once again. “In the end, I absolutely believe that ICP did nothing other than to make truthful statements about Fairfax. The last time I looked, the U.S. Constitution protected its citizens from being sued for exercising their rights of free speech. Thus, I do believe the lawsuit is without merit,” said Lacey.

Mr. Lacey is also a member of the following practice groups: Crisis Management and Catastrophic Loss, Class Action Defense, Healthcare/ERISA Litigation, Intellectual Property, and Labor and Employment Law. For more information, please call Mr. Lacey at (973) 535-0500 or jlacey@connellfoley.com.

Attorneys

Back to Page