A jury has ordered Kirkpatrick & Lockhart and the head of its corporate practice in Miami to pay a former client $1.1 million for failing to protect the client from a financial scam that resulted in millions of dollars in losses.
Kirkpatrick & Lockhart and Miami partner Clayton E. Parker were found negligent for failing to do proper investigation and auditing for their client, who was later the victim of a bogus real estate loan investment scheme.
A Miami-Dade Circuit Court jury on Jan. 28 found Parker and the 800-lawyer, Pittsburgh-founded firm 50 percent responsible for $2.3 million in losses and interest costs sustained by Bell Holdings Inc., a Miami company that invests in residential mortgages.
Ouch! Details here from the Miami Daily Business Review via Law.com.