Venable Tries To Ax Suit Over $11M Facebook IPO Fraud

Law360, New York (May 7, 2013, 3:19 PM EDT) -- Venable LLP moved in California federal court Monday to dismiss a securities legal malpractice suit by investment manager ESG Capital Partners LP over an alleged $11.2 million fraud related to Facebook Inc.'s initial public offering, claiming ESG's claims are time-barred and short on facts.

The law firm also said that ESG cannot press its negligence claim over a scheme by alleged fraudster Troy Stratos to bilk potential Facebook IPO investors out of their funds because ESG managing agent Timothy Burns was part of the scheme....
To view the full article, register now.




Case Information

Case Title

ESG Capital Partners LP v. Troy Stratos et al

Case Number



California Central

Nature of Suit



Otis D. Wright, II

Date Filed

March 7, 2013

Law Firms


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.