Law Firms Face $500M Lawsuit in Fallout of Ponzi Fraudster’s Conviction
Nine law firms face civil claims they aided and abetted a multimillion-dollar securities scam run by convicted fraudster Robert Shapiro through the now-defunct real estate investment firm Woodbridge Group of Cos., according to a Courthouse News Service report.
The suit, seeking $500 million inn general damages, describes a web of collusion with Woodbridge, through which Shapiro engineered a classic $1.3 billion Ponzi scheme that targeted the elderly and their retirement accounts, reports Courthouse News’ Maria Dinzeo.
Woodbridge, now in bankruptcy, is suing through its trustee.
The firms named as defendants are Halloran & Sage LLP, Robinson & Cole LLP, Finn Dixon & Herling LLP and Rome McGuigan P.C. of Connecticut; Balcomb & Green P.C. and Davis Graham & Stubbs LLP of Colorado; Bailey Cavalieri LLC of Ohio; and Haight Brown & Bonesteel LLC and Sidley Austin LLP of Illinois.
Read the Courthouse News article.
