Global megafirm Morgan Lewis & Bockius is facing a lawsuit that alleges the firm and one of its partners betrayed their fiduciary duties to clients by providing legal counsel to both the purchasing and selling parties in an employee stock ownership transaction.

The dispute arises out of Morgan Lewis’ alleged dual representation of bankrupt marketing agency Roni Hicks & Associates and the company’s retiring owners in a sale of their equity shares to employees via an employee stock ownership plan (ESOP).

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