Foley & Lardner LLP allegedly committed malpractice when it facilitated a loan and equity purchases that were unfair to its client, a litigation trustee tasked with pursuing claims said.
Foley allegedly failed to live up to the fiduciary duty it owed to GWG Holdings Inc. when it advised on transactions worth $154 million that enriched Beneficient Co. Group LP, part of a controlling shareholder group of GWG. The suit is being pursued by a litigation trustee created through GWG’s bankruptcy to pursue claims on behalf of GWG’s estate.
“Foley’s misconduct encompassed a disturbing combination of incompetence, willingness to overlook flagrant ...
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