A Georgia Supreme Court ruling may mean investment managers carry much more liability risk than they previously thought. The justices reinstated a trial court's holding that Wachovia Bank of Georgia breached its duty to a client, former Iraqi general Ibrahim Namik Ali. Instead of following his request to place $2.65 million into U.S. government investments, the officials used a money market fund that led to what the client's heirs said were nearly $1.5 million in unnecessary estate taxes and fees.
February 24, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
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