A litigation funding company is claiming in a suit filed in federal court in Newark that two California lawyers failed to pay back more than $32 million they were advanced to fund mass-tort litigation involving the drugs Aredia, Zometa, Fosamax and Actonel.
RD Legal Funding of Cresskill, N.J., claims that when legal fees from the mass torts began coming in, the two lawyers, Mel Powell of Beverly Hills, Calif., and Jeffrey Bogert of Santa Monica, Calif., failed to honor an agreement to repay the plaintiff. RD Legal also claims the attorneys violated an agreement to deposit legal fees from the litigation in an account they held jointly with the plaintiff, and failed to provide an agreed-upon accounting of fees received. And defendant Powell has redirected about 30 drug cases to other firms so that the proceeds from those cases would not be subject to the subordination agreement with RD Legal, the suit claims.
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