Paul, Weiss, Rifkind, Wharton & Garrison had mixed fortunes Tuesday at the U.S. Court of Appeals for the Second Circuit. The firm couldn’t reverse a ruling that a client convicted of insider trading must disgorge $7 million. But it did finish off a fraud case brought against longtime client Citigroup Inc. by a group of Norwegian investors represented by Kasowitz Benson Torres & Friedman.
Tuesday’s loss for the firm came on behalf of Joseph Contorinis, an ex–Jefferies Paragon Fund money manager convicted of insider trading in 2010 and sentenced to six years in prison by U.S. District Judge Richard Sullivan in Manhattan. A Paul Weiss team including Roberto Finzi and Theodore Wells Jr. argued that Sullivan unfairly ordered Contorinis to disgorge profit realized by the fund, rather than by Contorinis individually.
