A New York appeals court has reinstated aiding and abetting charges against a New Jersey law firm in a suit by investors over its alleged role in a $22 million Ponzi scheme. A lower court in 2008 granted Lum, Drasco & Positan's motion to dismiss the charges by investors who claimed the lawyers knew about the undisclosed criminal histories of the scheme's perpetrators prior to its unraveling. But the appeals court judge reversed, saying the investors had adequately alleged the lawyers had actual knowledge of the fraud.
July 07, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A state appellate court Tuesday reinstated aiding and abetting charges against a New Jersey law firm in a suit by investors over its alleged role in a $22 million Ponzi scheme.
Justice Sallie Manzanet-Daniels, writing for a unanimous panel of the Appellate Division, 1st Department, said that the court “cannot and will not endorse what is essentially a ‘see no evil, hear no evil’ approach.”
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