Bailey Glasser Wins $40 Million Jury Verdict in Texas Federal Court Fraud Case

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Mar 12, 2024, 12:55 ET

Contact: Cary Joshi, Partner, Bailey & Glasser, LLP: 202.463.2101, [email protected]

WASHINGTON, March 12, 2024 /PRNewswire/ -- On March 6, 2024, Bailey & Glasser's trial team won a $40 million jury verdict in a Texas federal court in a fraud case against Mark Siffin and Paul Cyphers arising out of the bankruptcy of MTE Holdings, LLC. The case is Thomas Bennett, Trustee for the MTE Litigation Trust v. Mark Siffin et al., U.S. District Court for the Western District of Texas, 7:21-cv-00214-DC-RCG.

The Bailey Glasser trial team consisted of partners Robert Bell, Cary Joshi, Elliott McGraw, and John Turner, along with paralegal Manny Rios.

Bailey Glasser's client, the Trustee of the MTE Litigation Trust, asserted fraud and breach of fiduciary duty claims against certain officers of MTE Holdings, LLC and their affiliated company MDC Energy LLC, an oil and gas exploration and production company headquartered in Midland, Texas. The beneficiaries of the trust are a group of financial institutions that had lent almost half a billion dollars to MTE Holdings before MTE filed for bankruptcy in October 2019. The group of lenders sued the individual officers of MTE for intentionally misrepresenting the financial health of the company in order to continue to draw on the loan.

After deliberating for just two hours, the jury awarded the plaintiff $40 million, finding both Mr. Siffin and Mr. Cyphers liable for fraud.

"The plaintiff's interests have been vindicated," said Bailey Glasser partner Cary Joshi, counsel for the MTE Litigation Trust. "Our client knew they had been defrauded and the jury knew it, too."

Bailey & Glasser, LLP is national law firm with 17 offices across the U.S. that handles high-profile, high-impact litigation and corporate matters across the country. In 2023, Bailey Glasser – including Cary Joshi, counsel in this case – won a $5 million arbitration award against MyPillow CEO and election conspiracy theorist Mike Lindell.

For more about Bailey Glasser and our team, please visit www.BaileyGlasser.com.

SOURCE BAILEY & GLASSER, LLP