August 1, 2019 / 11:09 PM / a month ago

Stearns to hire Skadden after winning tussle with U.S. trustee

Bankrupt mortgage lender Stearns Holdings LLC won court approval on Wednesday to retain Skadden Arps Slate Meagher & Flom as its bankruptcy counsel, overcoming objections by the U.S. trustee, which had said the law firm could have a potential conflict of interest.

In an order, U.S. Bankruptcy Judge Shelley Chapman in Manhattan said she was satisfied Skadden’s work for Stearns is necessary and the firm does not have an incentive to work against the mortgage lender in its bankruptcy.

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