HSBC Bank USA v. Bond, Schoeneck & King, PLLC

OPINION OF THE COURT

John M. Curran, J.

This matter arises out of the settlement of a federal court action brought by employee beneficiaries of the employee stock option plan (ESOP) of the now-defunct Azon Corporation. Three years before Azon filed for bankruptcy protection, the controlling shareholders, individual plaintiffs herein, sold their stock to the ESOP for $25 million, financed through a loan procured by Azon. Defendant Bond, Schoeneck& King, PLLC was named counsel to the ESOP in the transaction; and Henry J. Rode II, a partner in defendant Coughlin & Gerhart LLR served as longtime…