ALM’s Texas Lawyer: ‘We Are Victorious:’ O’Melveny and Carter Arnett Win Big in Dallas

The Fifth District Court of Appeals affirmed a Texas state court jury decision that cleared Townsend Holdings of claims that it cost the Dallas Police & Fire Pension System US$1.2 billion in damages by not disclosing certain investment risks. “We are victorious. The decision stands. The billion-dollar case is over,” O’Melveny partner Kristin Cope said about the high-stakes litigation that began in 2017. On April 25, the pension fund withdrew its petition to the Texas Supreme Court, marking an end to the long-running legal dispute. “Today we close the book on this eight-year odyssey,” O’Melveny partner David Marroso said. “This truly was a tale of perseverance, trust in one another, and belief in the jury system. Justice was done.” O’Melveny partner Cassandra Seto said: “My overwhelming feeling is relief that the judgment stands as it should.” In addition to Cope, Marroso, and Seto, the O’Melveny team representing Townsend Holdings included partners Jonathan Hacker, Nick Hendrix, David Kirman, and Vision Winter, counsel Berit Fitzsimmons, Brittany Fowler, and Katie Gosewehr, and associates Talia Alsalam and Nicole Billington.  

Read the full article here.