An Atlanta investment advisory firm under investigation by federal authorities for its work on behalf of a number of Georgia-based public pension plans is suing a New York law firm for $12 million over claims of legal malpractice.
On May 5, Gray Financial Group and its principals, Laurence Gray and Robert Hubbard IV, sued New York firm Seward & Kissel in federal court in Atlanta. They claim legal advice from the firm precipitated the investment consulting group’s ongoing legal battle with the U.S. Securities and Exchange Commission. The suit claims Seward & Kissel’s counsel in connection with an investment fund marketed by Gray Financial to its Georgia public pension clients was “disastrous” and cost Gray and its principals “significant revenue” and placed their professional careers at risk.
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