Key Takeaways
- • Loeb & Loeb secured a unanimous New York Court of Appeals victory on December 18, 2025, affirming summary judgment in favor of TPG and nine related entities in a 15-year litigation stemming from a 2006 Hellas telecommunications recapitalization dispute.
- • The court ruled there was insufficient evidence to support alter ego liability claims seeking to enforce an over $1 billion judgment against TPG-related parties, with Chief Judge Rowan Wilson noting the record was "devoid of evidence sufficient to create a triable issue that the TPG defendants engaged in fraud."
- • The litigation, originally filed in 2011 with more than 10 claims against 20+ defendants, was substantially narrowed through motion practice before culminating in this final appellate decision, eliminating the most significant remaining exposure for TPG.
- • TPG obtained a stay of trial pending appeal at the Appellate Division level in March 2024, which proved decisive—the unanimous reversal by the Appellate Division, First Department, was subsequently affirmed by New York's highest court.
Summary
Loeb & Loeb LLP has successfully concluded a 15-year litigation matter on behalf of private equity firm TPG and affiliated entities, securing a definitive Court of Appeals victory that eliminates the final material claim in a long-running dispute with distressed debt investors regarding a 2006 Greek telecommunications recapitalization.
The dispute centered on a 2006 recapitalization of Hellas, a Greek telecommunications group. Distressed debt investors initiated legal action in 2011, initially asserting more than 10 distinct claims against more than 20 defendants. Through successive rounds of motion practice at the trial court level, the plaintiff's claims were substantially reduced, with most defendants and claims dismissed at the motion to dismiss and summary judgment stages. However, one alter ego-based claim against nine TPG-related entity defendants survived, seeking to enforce a judgment exceeding $1 billion. This claim was set for trial in February 2024 in New York Supreme Court.
The TPG-related entity defendants appealed to the Appellate Division, First Department, arguing insufficient evidence supported alter ego liability. Following a successful motion to stay trial pending appeal, the Appellate Division unanimously reversed the trial court's decision in March 2024. The plaintiff sought leave to appeal to the New York Court of Appeals, which was granted, and oral arguments were conducted in November 2025.
On December 18, 2025, the New York Court of Appeals affirmed the Appellate Division's dismissal in a decision that brought the 15-year matter to resolution. Chief Judge Rowan Wilson emphasized in a concurrence that the record contained no evidence sufficient to establish a triable issue regarding fraud by the TPG defendants. The unanimous affirmance eliminated all remaining exposure for TPG in what had become the sole surviving claim after years of attrition through the court system.
The dispute centered on a 2006 recapitalization of Hellas, a Greek telecommunications group. Distressed debt investors initiated legal action in 2011, initially asserting more than 10 distinct claims against more than 20 defendants. Through successive rounds of motion practice at the trial court level, the plaintiff's claims were substantially reduced, with most defendants and claims dismissed at the motion to dismiss and summary judgment stages. However, one alter ego-based claim against nine TPG-related entity defendants survived, seeking to enforce a judgment exceeding $1 billion. This claim was set for trial in February 2024 in New York Supreme Court.
The TPG-related entity defendants appealed to the Appellate Division, First Department, arguing insufficient evidence supported alter ego liability. Following a successful motion to stay trial pending appeal, the Appellate Division unanimously reversed the trial court's decision in March 2024. The plaintiff sought leave to appeal to the New York Court of Appeals, which was granted, and oral arguments were conducted in November 2025.
On December 18, 2025, the New York Court of Appeals affirmed the Appellate Division's dismissal in a decision that brought the 15-year matter to resolution. Chief Judge Rowan Wilson emphasized in a concurrence that the record contained no evidence sufficient to establish a triable issue regarding fraud by the TPG defendants. The unanimous affirmance eliminated all remaining exposure for TPG in what had become the sole surviving claim after years of attrition through the court system.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.