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Loeb & Loeb secured a significant victory on behalf of private equity firm TPG and related entities in a long-standing dispute brought by distressed debt investors concerning a 2006 recapitalization of a Greek group of telecommunications companies known as Hellas. On Dec. 18, 2025, the New York Court of Appeals affirmed a unanimous decision of the Appellate Division, First Department, granting summary judgment in favor of TPG and bringing the 15-year matter to a decisive close.
The action was filed in 2011, and the amended complaint at issue originally asserted more than 10 claims against more than 20 defendants. Many of these defendants and claims were dismissed at the motion to dismiss stage, and later on summary judgment, with the exception of one alter ego-based claim against nine TPG-related entity defendants seeking to enforce an over $1 billion judgment. That 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, among other things, that there was no evidence to support alter ego liability against them. They successfully sought a stay of trial pending appeal and later obtained a reversal of the trial court by a unanimous panel of that Appellate Division in March 2024. The plaintiff sought leave to appeal to the New York Court of Appeals, which was granted, and the case was argued in November 2025.
On Dec. 18, the New York Court of Appeals ruled in favor of the TPG-related parties, affirming the Appellate Division’s dismissal and holding that there was no evidence of wrongdoing on the part of any of the TPG-related parties. Chief Judge Rowan Wilson noted in the decision concurrence: “In my view, the record is devoid of evidence sufficient to create a triable issue that the TPG defendants engaged in fraud.”
The team representing TPG from Loeb’s Litigation department includes partners Tad O’Connor and Andrew Elkin and senior counsel Katie Gauthier.
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Senior Counsel
