Fox Rothschild Ruling Tames Fears Of Nonclient Claims In NJ

Law360 (January 17, 2020, 8:02 PM EST) -- The New Jersey Supreme Court's recent refusal to saddle Fox Rothschild LLP with a fiduciary duty to a victim of incarcerated Ponzi schemer Eliyahu Weinstein caged what many law firms consider a growing menace of claims brought by nonclients shouldering major financial losses, experts said.

In its Jan. 9 decision, the high court declined to widen the scope of obligations firms have to third parties, finding it would be an "impractical burden" to require lawyers to inquire about the source of funds they're asked to safeguard by clients.

While the scammed investor's arguments didn't sway the court, there's no shortage of...

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