Defended brokerage firm in $2.5 million federal court lawsuit brought by about 30 plaintiffs alleging federal and state securities, RICO and other statutory and common law liability. This lawsuit was combined with six others into a multidistrict class action alleging $150M damages. After our initial discovery requests, threat of a summary judgment motion and brief negotiations, class plaintiffs agreed to dismiss client brokerage firm without prejudice. Class plaintiffs later settled with a number of defendants, and obtained a multimillion-dollar judgment against a national accounting firm. Action was never revived against client brokerage firm, which avoided all liability.
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