A Shearman & Sterling litigation team led by partner William J.F. Roll III won a motion to dismiss for client Olympia Capital Associates and related entities and individuals in an action in New York County Supreme Court commenced by hedge fund manager Conrad Seghers. (Seghers et al. v. Olympia Capital et al., No. 117054/07 (Sup. Ct. N.Y. Cty).

Seghers alleged breach of contract and fraud in connection with the Olympia parties' administration of various funds managed by Seghers.

The Shearman & Sterling litigation team moved to dismiss the action on a number of grounds, including lack of in personam jurisdiction (many of the Olympia parties were domiciled in Bermuda) and statute of limitations defenses. Justice Ira Gammerman granted Shearman & Sterling's motion in favor of all defendants and on virtually every ground asserted. The case is the latest in a series of actions in which Seghers has attempted to shift blame for the collapse of his funds to the Olympia parties, including an action in Texas state court that he filed in 2005. Shearman & Sterling succeeded in obtaining a dismissal of the Texas case last year.

The Shearman & Sterling team included partner William J.F. Roll III (New York-Litigation) and associates Karen S. Hart (New York-Litigation), Christopher Fenton (New York-Litigation) and Alexander J. Marcopoulos (New York-Litigation) and legal assistant Karen Prosky (New York-Litigation).