Virginia Supreme Court Affirms Dismissal of Lender’s $2.4 Million Claim Against Officers and Shareholders

Sean M. Lipsky, Esq. successfully obtained the dismissal of $2.4 million claim brought in Virginia State Court by a commercial lender against former officers and directors of a Virginia textile company that previously filed for bankruptcy. The trial court, in response to the lender’s third attempt to amend its complaint to state a cognizable claim, found that the officers and directors had no legal obligation to the lender and dismissed the complaint on the pleadings. The Court’s decision was based in part on its prior findings, which were featured in a front-page article of the Virginia Lawyers Weekly.