Skadden won five appellate rulings for LaSalle Bank, N.A. (now Bank of America) affirming favorable lower court rulings, also secured by Skadden, that dismissed LaSalle from pending litigation. A putative class claimed that the bank aided and abetted a commercial real estate investment scheme in which the true costs were allegedly misrepresented. On June 23, a California Court of Appeal affirmed the dismissals, agreeing with Skadden's argument that the statute of limitations barred the action because investors were on notice of the "hidden" costs by way of clear disclosures in the investment documents.
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates