November 2016

Hedge Funds Win Groundbreaking Settlement in Litigation Against Caesars Entertainment Corporation

North America - United States | North America | United States - Illinois | United States - New York

Our firm successfully represented a group of hedge funds in a groundbreaking litigation against Caesars Entertainment Corporation arising from Caesars’ attempts to avoid payment on billions of dollars of corporate debt.

In the midst of briefing an appeal of one of the issues in the case, Caesars agreed to a settlement that provided our clients with a recovery that is 72 percentage points higher than Caesars' initial offer, along with the payment in full of all attorney’s fees and costs incurred by our clients in litigation.

For the last two years, our firm handled litigation actions in multiple jurisdictions, including a suit filed by our clients in the Southern District of New York and a multibillion-dollar bankruptcy filed in the Northern District of Illinois (one of the largest on record).

At the heart of these cases were claims developed by our firm based on the Trust Indenture Act, a Depression-era statute intended to protect minority bondholders.

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