The Federal Deposit Insurance Corp. is suing an Alpharetta, Ga., law firm and one of its partners for legal malpractice in connection with a $2.8 million loan that was among a portfolio of bad loans held by Integrity Bank of Alpharetta when it failed.
The suit, filed in U.S. District Court in Atlanta, accuses Jampol, Schleicher, Jacobs & Papadakis and partner Michael E. Jacobs of mishandling the closing of a 2005 loan to a Smyrna, Ga., investment company. As a result, Integrity was unable to foreclose on Savannah, Ga., property that was supposed to have secured the loan, according to the FDIC amended complaint.
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