Limited Partnership Litigation (multiple cases)
Oxford Tax Exempt Fund Securities Litigation was a case asserting federal securities and related common law claims arising out of a complex partnership restructuring transaction, resulting in a settlement valued in excess of $11 million.
There were a number of securities cases brought on behalf of investors in publicly and privately offered limited partnerships, including the following: Sullivan, et al. v. Shearson California Radisson Plaza Partners, Limited Partnership, , (brought on behalf of investors in a real estate limited partnership and resulting in a settlement valued in excess of $11 million); Hartley v. Stamford Towers Limited Partnership, (an action arising out of a real estate limited partnership offering and resulting in a settlement of $6.5 million); Alert Income Partners Securities Litigation, (a class action brought against promoters of a series of limited partnerships, their auditors and other parties, resulting in a settlement valued at $60 million); Hutson, v. Merrill Lynch, Pierce, Fenner & Smith, ( an action brought on behalf of limited partnership investors, involving mortgage revenue bonds issued by many state and local government agencies, secured by mortgage loans on 14 apartment projects and retirement communities, resulting in a settlement valued at $14 million)
There was also significant litigation challenging limited partnership roll-ups, restructurings, exchanges and mergers, including: Hallwood Energy Partners L.P. Securities Litigation, in which a $9.1 million settlement was obtained after five years of intensive litigation; Permian Partners, L.P. Securities Litigation, (an action challenging a merger of oil and gas limited partnership interests, resulting in a settlement valued at $6.1 million); Adam v. Berkshire Realty Corporation, (resulting in a settlement consisting of cash and warrants valued at $7.5 million); Laurence v. Brewer, ( an action challenging a tender offer by general partners for publicly traded master limited partnership, resulting in a settlement with establishment of dividend payments to limited partners).