Baker Hostetler filed four suits in New York federal and state courts on June 15, 2011, accusing the Blackstone Group and its principals of financial misconduct arising from Blackstone's 2007 leveraged buyout of the Extended Stay hotel chain. The suits seek $8.4 billion, including $6.3 in punitive damages.
“The trustee for the Extended Stay Litigation Trust has brought these actions to recover the transfers and rectify the damage allegedly caused by Blackstone and other parties who profited from Extended Stay’s ultimate demise,” said litigation partner Marc Powers, who signed the complaints.