NY Court Revives Lawyer Fraud Claims In Ponzi Scheme

Law360, New York (July 7, 2010, 2:15 PM EDT) -- In a decision that could turn up the heat on lawyers connected to dubious financial dealings, a New York appeals court has revived allegations that a New Jersey law firm aided and abetted a Ponzi real estate scheme that bilked investors of more than $22 million.

The First Department of the New York Supreme Court's Appellate Division overturned two lower court decisions that largely threw out a complaint against Lum Drasco & Positan LLC over private placement memos it allegedly prepared for the Cobalt real estate...
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