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Diamond McCarthy Settles Claim against Largest Electric Power Holding Company in the U.S.

July 9, 2014

Diamond McCarthy LLP, together with the firms of George Brothers Kincaid & Horton, L.L.P. and Martinec, Winn, Vickers & McElroy, represented Dan Bensimon, Litigation trustee, in the Crescent Resources bankruptcy.  The Trust was formed as a vehicle to collect funds for the creditors of the Crescent Resources bankruptcy estates. On the Trustee’s behalf, the firms pursued a $1.2 billion fraudulent-transfer claim against Duke Energy, the largest electric power holding company in the United States. The Trust’s claim against Duke was settled for a confidential amount shortly before trial was scheduled to begin. The firms also pursued and settled several related matters, including one involving a transfer made to one of Crescent’s key executives.

   
Trustee Bensimon,  a principal in Unique Strategies, Inc., thanked the law firms for their successful representation saying “The substantial recovery for the Trust beneficiaries would not have been possible without the skillful and diligent efforts of the GBKH and Diamond McCarthy lawyers.” 

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