Mayer Brown Sued for $10M by German Co. Alleging Negligence
The insolvency administrator for Hamburg, Germany-based aviation company Thielert AG has sued Mayer Brown in Texas state district court in Houston, saying the firm failed to properly file financing documents related to an $8 million loan.
The suit seeks $10 million in damages and accuses the Chicago-based firm of professional negligence, breach of fiduciary duties, breach of contract and unjust enrichment, Texas Lawyer reports.
The suit says Mayer Brown advised Thielert in its 2006 purchase of the controlling interest in a loan valued at about $8 million from PNC Bank that had originally been made to Coppell, Texas-based Superior Air Parts Inc. The financing statement accompanying the loan to Superior was valid until May 31, 2007. Thielert alleges in its suit that Mayer Brown never filed anything to continue the financing statement past that 2007 date.
Superior filed for bankruptcy in 2008, and Thielert now says it is in jeopardy of losing its creditor status because of the outdated documentation.
Thielert is being represented by Dallas-based Bickel & Brewer.
A Mayer Brown spokesman declined to comment on the suit to both Texas Lawyer and the Am Law Daily.
