X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
It’s not going to make him feel any better following the court defeat in the Florida election recounts, but at least David Boies can beat a couple of jockeys like a rented mule. Hall-of-fame horse racers Laffit Pincay Jr. and Chris McCarron are the latest to fall under the hoofs of the omnipresent litigator. Boies convinced the 9th U.S. Circuit Court of Appeals last week that it was too late for the pint-sized horsemen to get back any money allegedly stolen by a corrupt investment advisor. At stake was more money than you can shake a whip at — more than $5 million, five times the bonus for winning horse racing’s Triple Crown. In their suit, McCarron and Pincay accused their former investment advisors, Vincent Andrews Management Corp., of racketeering, including allegations that VAMC took fees from returns on investments it was not entitled to. A jury sided with the jockeys. But the case collapsed on the homestretch after Boies came to the rescue. On appeal, Judge Diarmuid O’Scannlain, backed by Judge Ferdinand Fernandez and Judge Johnnie Rawlinson, ruled that Pincay and McCarron should have known as far back as 1980 that they were being taken for a ride. The statute of limitations for RICO actions is four years. “Clearly, as of 1980, both Pincay and McCarron had ‘enough information to warrant an investigation’ into whether the ventures in which they were investing would result in more than 5 percent of their annual income finding its way into the wallet of [Vincent] Andrews,” O’Scannlain wrote. The ruling also apparently throws up in the air the jury award, which initially included close to $1 million in compensatory damages, $3.5 million in punitive damages, and $850,000 in attorney’s fees.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.