Law Offices of
LLOYD S. MANN
A PROFESSIONAL LAW CORPORATION
Investor Fraud
Practice Area:
Consumer protection
Outcome:
Case Settled at Mediation. The law firm settled for virtually the entire amount of the pension losses. The client has since retired.
Description:
A 65-year-old who did some consulting work for a law firm as a computer specialist became friendly with the financial officer of the law firm who, in turn, offered to manage the computer specialist's pension plan. The financial officer wound up investing the pension-worth almost $1,000,000-in high-risk stocks, and when the market collapsed, the pension became almost worthless. The financial manager filed a Chapter 7 bankruptcy. We sued the law firm based upon the theory that the financial officer was an agent for the firm, and we filed a lawsuit against the financial officer in bankruptcy court to prevent his debt to our client from being discharged in bankruptcy.