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Lawyers And Firms Stake Claims In Masry & Vititoe Bankruptcy
Law Firm News |
2009/08/28 10:33
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According to The National Law Journal, at least four lawyers and law firms are among the top creditors of Masry & Vititoe, the personal injury law firm of "Erin Brokovich" fame that filed for Chapter 11 bankruptcy protection on Aug. 14.
The firm, based in Westlake Village, Calif., said in bankruptcy court papers that it has spent $3 million defending lawsuits filed by the family and estate of former name partner Edward Masry, who died in 2005.
"Not only did a number of litigants come forward alleging that Mr. Masry had promised them certain assets and cash from the firm, additionally, his own estate and heirs instituted claims which have caused the firm to spend its resources, in time and staff, defending such claims," the firm said in an Aug. 24 motion seeking cash collateral in order to keep operating. |
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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