Representative Cases

Bankruptcy & Distressed Litigation

A sampling of high-profile bankruptcy and distressed litigation representations include:

Bed Bath & Beyond, Inc.
Bed Bath & Beyond Inc., et al., v. Harriet Edelman, et al.

Supreme Court of the State of New York, New York County

G&E represented Bed Bath & Beyond, Inc. (“BBBY”) and Michael I. Goldberg as its “Plan Administrator” in an action against certain of BBBY’s former officers and directors alleging breach of fiduciary duties in connection with BBBY’s repurchase of its common stock between October 2021 and March 2022 for $344 million at a time when BBBY’s business and financial condition did not support such share repurchases. In March 2025, prior to a hearing on defendants’ motions to dismiss, the parties agreed to a confidential settlement, and in April 2025 this action was discontinued with prejudice.

Appvion Liquidating Trust
Halperin v. Richards

District of Delaware Bankruptcy Court, Eastern District of Wisconsin

G&E represents the Co-Liquidating Trustees for the Appvion Liquidating Trust against Appvion’s former directors and officers alleging breach of fiduciary duties, unlawful dividends, fraudulent transfers and avoidable preferences. G&E won reversal by the Seventh Circuit Court of Appeals of the District Court’s dismissal of the breach of fiduciary duties and unlawful dividends claims based on ERISA Preemption. The Seventh Circuit held that ERISA does not preempt claims against the directors and officers and permitted pursuit of damages for harm to the corporate enterprise and its creditors. The action has been remanded and the case is proceeding to trial.

GBG USA Litigation Trust
Hurwitz v. Darling, et al.

Southern District of New York Bankruptcy Court

G&E represents the GBG USA Litigation Trust in an action against GBG USA’s former directors, officers, and controlling indirect shareholder, Fung Holdings (1937) Ltd. and its affiliated persons and entities. The action asserts fraudulent transfer, breach of fiduciary duty, and unlawful dividend claims. In January 2024, G&E secured a confidential settlement with the director and officer defendants. In December 2024, G&E defeated the Fung Holdings’ motion to dismiss in an opinion that reexamined the breadth and scope of the Section 546(e) safe harbor provision in light of the Supreme Court’s 2018 decision in Merit Management, LP v. FTI Consulting, Inc.

GCX Liquidating Trust
Dunn v. Barney, et al.

District of Delaware Bankruptcy Court

G&E represented the GCX Liquidating Trust in litigation against certain former directors, officers, and employees of the GCX debtors, alleging that these defendants breached their fiduciary duties under the laws of Bermuda, France, and Ireland, as well as other claims. Following the Bankruptcy Court’s dismissal of the action without prejudice for a lack of personal jurisdiction, G&E secured a confidential settlement.

Flag Litigation Trust
Flag Litigation Trust v. Bande, et al.

Southern District of New York

G&E represented the litigation trustee for the Flag Litigation Trust. The case involved allegations that Flag Telecom’s former directors and officers breached their fiduciary duties and concealed and deepened the company’s insolvency to enhance their personal wealth. G&E settled the case for $24.4 million.

AgriBank
Diverse Partners, LP and Troy Bank & Trust Co. v. AgriBank, FCB

Southern District of New York

G&E represented plaintiffs and an ad hoc group of institutional investors to recover damages arising from AgriBank’s redemption of their 9.125% Subordinated Notes. G&E’s clients held approximately $326 million (constituting 65.2%) of AgriBank Notes prior to redemption. G&E ultimately achieved a confidential resolution.

CoBank
AMCO Insurance Co. v. CoBank, ACB

Southern District of New York

G&E represented 37 institutional investors regarding their 7.875% Subordinated Notes issued by CoBank, in an action alleging that CoBank breached its contract by conducting an impermissible redemption of the Notes prior to maturity. The clients held $304 million (constituting 75%) of Notes. G&E obtained a summary judgement win as to liability and then secured a confidential resolution.

Caesars Entertainment Corporation
In re Caesars Entertainment Operating Co.

Southern District of New York

G&E represented the lead plaintiff in a proposed class action against Caesars Entertainment and others relating to a series of transactions that attempted to eliminate a parent guarantee. G&E was deeply involved in the bankruptcy proceedings and the parallel litigation in furtherance of the interests of its client and the class of noteholders. G&E ultimately achieved a settlement providing improved bankruptcy plan treatment for the lead plaintiff and absent class members totaling $14.7 million - $33 million.

Washington Mutual
In re Washington Mutual

District of Delaware Bankruptcy Court

G&E represented a group of institutional investors, who collectively purchased over $600 million of senior and junior subordinated notes issued by WaMu Bank, in a securities fraud action against WaMu Bank’s bankrupt parent company, WaMu Inc. G&E secured a favorable settlement resulting in a $15.6 million distribution to G&E’s clients.

Safety-Kleen Corporation
In re Safety-Kleen Corporation Bondholder Litigation Bankruptcy Action

District of South Carolina

G&E represented numerous public and private funds against former officers, directors, auditors and underwriters of Safety-Kleen, who allegedly made false and misleading statements in connection with the sale and issuance of bonds. Final judgments against Safety-Kleen’s former CEO and CFO amounted to $192 million, and settlements of $84 million were reached with the company’s outside directors and auditor, bringing the total in judgments and settlements to $276 million.

Bed Bath & Beyond, Inc. Fiduciary Duty Matter Settles

G&E represented Bed Bath & Beyond, Inc. and its Plan Administrator in an action alleging breach of fiduciary duties, resulting in confidential settlement.

Appvion Liquidating Trust Wins Dismissal Reversal by Seventh Circuit

G&E represents the Co-Liquidating Trustees; winning dismissal reversal by the Seventh Circuit and now proceeding to trial.

Settlement Reached in GCX Liquidating Trust Matter

Alleging breach of fiduciary duties under the laws of Bermuda, France, and Ireland, G&E represented the GCX Liquidating Trust in a confidential settlement. 


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