FDIC Wins Malpractice Suit Against Law Firm Over $5M Loan

Law360, Miami (May 23, 2013, 7:03 PM EDT) -- A Florida federal jury Wednesday sided with the Federal Deposit Insurance Corp. in its malpractice suit against Icard Merrill Cullis Timm Furen & Ginsburg over the firm's representation of a developer in a $5.3 million real estate loan.

The FDIC, acting as receiver for failed Bradenton, Fla.-based First Priority Bank, won a $1.1 million verdict against the law firm and attorney Bob Messick for failing to close the loan according to the bank's written instructions, which required Messick to secure an option contract on a 25-acre...
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