Jaffe Hit With $5M Negligence Verdict Over Pension Advice

Law360, New York (October 3, 2017, 8:30 PM EDT) -- A Michigan federal jury Tuesday concluded Jaffe Raitt Heuer & Weiss PC was negligent in the advice it gave a pair of private equity fund directors about pension liability stemming from their acquisition of a manufacturing company, awarding the investors $4.95 million.

CoBe Capital LLC directors Neal Cohen and Darren Chaffee had worked with the Michigan-based law firm Jaffe Raitt in 2013 on their purchase of laminate casework manufacturer LSI Corp. of America Inc. from furniture company HNI Corp.

Knowing their target was part of a multiemployer pension plan with unfunded benefits, the directors also asked the law firm to design...

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