Trustee Urges 7th Circ. To Review Winston Malpractice Case

Law360, New York (September 23, 2013, 2:07 PM EDT) -- The bankruptcy trustee for Lancelot Investors Fund Ltd. and Colossus Capital Fund Ltd. asked the Seventh Circuit on Friday to rehear a malpractice suit against ex-counsel Winston & Strawn LLP, arguing that the court's definition of "plausibility" is too black-and-white.

The funds, which lost money in Tom Petters' Ponzi scheme, accuses Winston of failing to get informed consent for simultaneously representing Lancelot and Colossus. Winston also allegedly failed to advise its clients that Gregory Bell, who owned the management companies and later pled guilty in connection...
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