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Frank Ciaccio Wins before the Sixth Circuit Court of Appeals

Litigation partner Franklin Ciaccio convinced a panel of the United States Court of Appeals for the Sixth Circuit to reverse a decision of the District Court for the Northern District of Ohio that sought to enforce a purported settlement agreement among numerous claimants, including CL&M client U.S. Bank, National Association, in a complex interpleader action. The case arose out of the LTV Corporation bankruptcy proceedings in which Mr. Ciaccio represented U.S. Bank, the Trustee under an Indenture governing the issuance by LTV of various Senior Notes, in the aggregate principal amount of $250,000,000. Mr. Ciaccio persuaded a majority of the three-member panel of the Sixth Circuit that the District Court’s summary enforcement of the alleged settlement agreement without an evidentiary hearing was clearly erroneous and constituted an abuse of the District Court's discretion. The Sixth Circuit remanded the case to the District Court for a hearing on the factual disputes surrounding the purported settlement agreement. 
 
Mr. Ciaccio was assisted by associates Theodore McDonough, Michael H. Bauscher, and Noah Hertz-Bunzl. 

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