DLA Piper Can’t Shake Claim in N.Y. Promissory Note Action

NEW YORK — A New York federal judge has refused to dismiss a breach of fiduciary duty claim filed against the law firm of DLA Piper LLP in a dispute involving a $4.6 million promissory note executed as part of a reinsurance arrangement for a book of disability income business.

In a March 31 order, Judge Andrew L. Carter Jr. of the U.S. District Court for the Southern District of New York found Pan-American Life Insurance Co. (PALIC) and Vista Life & Casualty Reinsurance Co. adequately alleged DLA Piper knew, but failed to disclose, that there was a secret escrow …