Richmond, Virginia. LandAmerica Bankruptcy Update. LandAmerica Financial Group, Inc. and LandAmerica 1031 Exchange Service, Inc. filed a joint application to retain Jenner & Block, LLP (“Jenner”) as special litigation counsel to pursue potential causes of action related to the sale, promotion, and distribution of auction rate securities (ARS) to LandAmerica.
The application proposes that Jennerbe paid its hourly fees up to a cap of $2 million and then be paid an additional amount over the $2 million in fees based upon the amount Jennerrecovers for LandAmerica.
Any recovery from those who sold ARS to LandAmerica would aid in the recovery of LandAmerica’s 1031 exchange customers caught up in the LandAmerica bankruptcy. LandAmerica previously moved to have the law firm of Quinn Emanuel pursue this the ARS litigation, but that motion was withdrawn.