No Free Lunch: Coughlin Stoia’s Free 'Monitoring'

Law360, New York (July 20, 2009, 12:14 PM ET) -- On May 26, Judge Jed S. Rakoff of the Southern District of New York declined to appoint the law firm of Coughlin Stoia Geller Rudman & Robbins LLP as lead counsel in a securities case due to concerns over a potentially unethical relationship with its client.

In Iron Workers Local No. 25 Pension Fund v. Credit-Based Asset Servicing and Securitization LLC,[1] the court criticized Coughlin Stoia’s practice of offering free “monitoring” of client investments.

Under this arrangement, Coughlin Stoia reviews portfolios of institutional investors and identifies...
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