Milbank LLP secured dismissal in an action pending in the Southern District of New York asserting securities fraud claims against Ernst & Young Middle East arising from its audit of oil storage company Brooge Petroleum’s $1 billion SPAC merger.
On March 17, 2026, US District Judge P. Kevin Castel dismissed all claims, holding that nearly all of the claims are time-barred under the Securities Exchange Act of 1934’s statute of repose, and that the plaintiffs failed to adequately plead scienter or that the defendants made any false statement as to the remaining claims.
The Milbank team was led by Litigation & Arbitration partners George Canellos, Jed Schwartz, Tawfiq Rangwala and special counsel John Hughes III with associates Isabel Pitaro, Elizabeth Hamilton, Alana Mattei and Sam Kaplan.
