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Richard G. Placey
Wilmington Office

1105 North Market Street
15th floor
Wilmington, DE 19801

P: 302-504-7880
F: 302-504-7820

Cherry Hill Office

LibertyView
457 Haddonfield Road
Suite 600
Cherry Hill, NJ 08002

P: 856-488-7700
F: 856-488-7720

Philadelphia Office

123 South Broad Street
Avenue of the Arts
Philadelphia, PA 19109

P: 215-772-7424
F: 215-772-7620

Biography

Richard G. Placey is a partner in the Litigation Department of Montgomery McCracken; he concentrates on complex financial, bankruptcy and business litigation. He actively practices before the Delaware, New Jersey and Pennsylvania courts, administrative agencies and arbitration tribunals.

Richard has extensive experience resolving complex financial and business disputes on favorable terms for clients, whether by settlement or judgment. Since 1982 he has represented businesses and educational institutions, their professionals, and their officers and directors in financial, business, professional liability, bankruptcy, sports injury, and product liability disputes.

Selected Representations

Professionals – Represents business and financial professionals in individual actions and class actions asserting both common law and securities claims. Also represents professionals before administrative agencies and industry self-regulatory agencies, including the U.S. Securities and Exchange Commission, state licensing boards (e.g., State Board(s) of Accountancy and similar boards in other professions) and the American Institute of Certified Public Accountants. He recently favorably resolved a claim against a professional and his firm arising out of their work as an expert witness, and successfully resolved professional licensing investigations in Pennsylvania and Delaware. Reported cases of this type in which Richard has participated include:

  • Obtained the dismissal of claims asserted against the client, and affirmance of that dismissal on appeal, in Pelullo v. Nat’l Union Fire Ins. Co., 2004 WL 1102782 (E.D.Pa. 2004), aff’d, 131 Fed. Appx. 864 (3d Cir. 2005)
  • Obtained a favorable settlement of claims asserted against the client in McKowan, Lowe & Co. v. Jasmine, Ltd., 295 F.3d 380 (3d Cir. 2002), cert. denied, 537 U.S. 1088 (2002), later proceeding 2005 WL 1541062 (D.N.J. 2005)
  • Obtained the dismissal of claims against the client in Pelullo v. Kerr, Russell & Weber, 1998 U.S. Dist. LEXIS 17371 (E.D.Pa. 1998), appeal dismissed, No. 98-2115 (3d Cir.)

Complex Transactions – Represents both buyers and sellers of businesses in disputes over stock or asset purchase agreements, as well as in disputes over the sale of individual assets. He recently obtained summary judgment for the buyer of an industrial manufacturing business in a dispute over the stock purchase agreement, obtained summary judgment for the seller of a commercial building in a dispute with the buyer, and favorably settled a dispute over indemnification obligations arising from the sale of a clothing manufacturing business. Reported cases of this type in which Richard has participated include:

  • Obtained a money judgment in favor of the client and dismissal of the claims against the client in Pirito v. Penn Engineering World Holdings, 947 F.Supp.2d 489 (E.D.Pa. 2013) and 833 F.Supp.2d 455 (E.D.Pa. 2011)
  • Obtained summary judgment in favor of the client and affirmance of that judgment on appeal in Zaken v. Camden Gateway, LLC, 2011 WL 4974768 (N.J.Super.App. Div. 2011)
  • Obtained the dismissal of indemnification claims against the client in Certainteed Corp. v. Celotex Corp., 2005 WL 217032 (Del. Chancery 2005)
  • Obtained judgment for the client after trial of a case involving the sale of a Citation business jet in Aircraft Guar. Corp. v. Strato-Lift, Inc., 103 F.Supp.2d 830 (E.D.Pa. 2000)

Bankruptcy – Primarily represents creditors in asserting and recovering claims against business debtors and in defending against claims by the debtor, and represents buyers acquiring assets or businesses from a debtor. In 2015, he obtained confirmation of a Chapter 11 plan for three maritime bunker fueling companies. He also recently obtained a set-aside from a sale of a manufacturing debtor’s assets to fund recovery on a disputed lien, settled disputes over several debtors’ obligations to pay clients on a priority basis and assisted a client with a multi-buyer acquisition of operating businesses from a debtor.  Reported cases of this type in which Richard has participated include:

  • In re NE Opco, Inc., 501 B.R. 233 (Bankr. D.Del. 2013) (enforcement of a priority claim in bankruptcy)
  • In re G-I Holdings, Inc., 308 B.R. 196 (Bankr. D.N.J. 2004), aff’d, No. 04-2772 (Dist. D.N.J. 2005) (enforcement of environmental claims in bankruptcy)

Business, Sports Injury and Product Liability Disputes – Represents both plaintiffs and defendants in a wide variety of other business disputes. In sports injury and product liability disputes, he primarily represents defendants; in early 2016 he favorably resolved litigation against a private school and its coaches involving a claimed catastrophic football injury and he currently represents a national university in a case involving the death of a student athlete from claimed sports-related brain injuries. He also represents parties in disputes involving:

  • financial transactions
  • sports injuries
  • leases
  • royalties
  • financial reporting
  • shareholder/officer/director claims
  • franchisor/franchisee matters
  • breaches of contract
  • breaches of representations/warranties
  • product liability with a focus on pharmaceuticals
  • and/or commercial fraud

Reported cases of this type in which Richard has participated include:

  • Shores v. American Medical Systems, Inc., 2010 WL 5551696 (Del. Super. 2010) (forum non conveniens)
  • Hodgson v. Kottke Associates, LLC, 2008 WL 2405723 (E.D.Pa. 2008) (CFTC receivership claims)
  • Clark v. Pfizer Inc., 2004 WL 1970138 (E.D.Pa. 2004) (pharmaceutical product liability class action)
  • In re Loewen Group, Inc. Securities Litigation, 2001 WL 530544 (E.D.Pa. 2001) (bankruptcy aspects of officer liability)
  • Quinn v. Wilmington Trust Co., 1992 WL 382338 (E.D.Pa. 1992) (lender liability)

Selected Publications

Honors & Awards

  • Martindale-Hubbell® AV Pre-eminent rating

Professional Activities & Achievements

  • Delaware State Bar Association
  • Eastern District of Pennsylvania Bankruptcy Conference
  • Certified mediator in the United States Bankruptcy Court for the Eastern District of Pennsylvania
  • Pro-bono attorney, Widener Law School Veterans Law Clinic

Academic Achievements

Richard received his J.D. from the University of Chicago Law School in 1982, and his B.A. from La Salle University, maxima cum laude, in 1979.