Principal Mark Drooks, along with associates Douglas Fretty and Fanxi Wang, secured an affirmance of summary judgment from the Ninth Circuit Court of Appeals on behalf of Quarles & Brady LLP in a professional liability case. The case arose out of a loan transaction in which Quarles & Brady represented a borrower and issued two closing opinion letters to the lender. After the lender declared a default on the loans, it sued Quarles & Brady for fraud and professional negligence on the theory that the firm owed the lender broad duties of disclosure regarding the firm’s client. The district court granted summary judgment on several grounds, including a finding that there was no evidence of any misrepresentation or material omission; the appellate court affirmed.
Click here to read more (Law360 subscription required).