Edward Wildman Hit With Malpractice Suit Over EFT Fraud Row
By Kurt Orzeck (January 20, 2015, 8:50 PM EST) -- Edwards Wildman Palmer LLP is facing a proposed California state class action accusing it of legal malpractice and negligence for botching the potential certification of separate shareholder class action litigation in which Chinese customers of EFT Holdings Inc. accused that entity of fraud.
The Friday class action seeks approximately $200,500 that nearly 7,300 EFT investors allegedly paid to Edwards Wildman Palmer, which combined with Locke Lord LLP earlier this month, to pursue claims that EFT and its directors orchestrated a fraudulent pyramid scheme.
Under the scheme alleged in the underlying consolidated suit, tens of thousands of Chinese and American consumers paid...
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