Failed Facebook Investment Sparks $6.7M Malpractice Suit

Law360, New York (March 26, 2013, 5:24 PM EDT) -- A company formed to invest in Facebook Inc. hit Littman Krooks LLP with a $6.7 million legal malpractice suit Friday, claiming the New York law firm failed to help it secure the legal paperwork required to close a $2.5 million share purchase before the social networking giant went public.

Two related entities, Facie Libre Associates I and II LLC, claim they relied on the law firm's guidance and were under the impression — falsely put forward by a broker for the seller, a Facebook employee —...
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