DLA Piper Hit With $80M Suit Over Misappropriated Funds

Law360, Los Angeles (December 6, 2013, 9:10 PM EST) -- DLA Piper was hit with an $80 million lawsuit in New York state court on Friday by two Cayman Islands investment funds that say the law firm helped their investment manager misappropriate more than $36 million to cover payments owed by an investment vehicle that dealt in mortgage-backed securities.

The funds, ICP Strategic Credit Income Master Fund Ltd. and ICP Strategic Credit Income Fund Ltd., allege DLA Piper assisted their investment manager ICP Asset Management LLC and Thomas Priore, one of the SCIF funds’ directors and...
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