Dechert, K&L Gates Sued For Securities Malpractice

Law360, New York (January 20, 2009, 12:00 AM EST) -- Mutual fund management company Reserve Management Co. Inc. has sued Dechert LLP and K&L Gates LLP for legal malpractice, accusing the firms of not realizing that certain Reserve board members were “interested persons,” causing the company to engage in a series of potentially unlawful and invalid transactions that cost over $4 million to undo and exposed the company to liability with the U.S. Securities and Exchange Commission.

In a complaint lodged in the Superior Court of the District of Columbia on Jan. 13, Reserve Management asks...
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