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 —...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.