Law360, New York (February 26, 2014, 9:06 PM EST) -- The U.S. Supreme Court ruled Wednesday that investors victimized by Robert Allen Stanford's $7 billion Ponzi scheme may sue Chadbourne & Parke LLP, Proskauer Rose LLP and others for allegedly aiding and abetting the fraud. Here, attorneys tell Law360 why this 7-2 ruling is significant.
Michael Downey, Armstrong Teasdale LLP
"For law firms, the [Chadbourne & Parke LLP v. Troice et al.] decision is a somber reminder that law firms' largest claims usually come from representing dishonest clients. So law firms should have strong risk management practices and procedures addressing opinion letters and filings upon which third parties may rely. That...
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