The Phoenix-based law firm Beus Gilbert, with just 30 lawyers and no website, doesn’t seem focused on building a nationwide brand. But the firm made big waves this week, convincing a Manhattan federal jury to find billionaire Ira Rennert and his investment company liable for siphoning nearly $120 million from a magnesium company that later went bankrupt.
On Feb. 27, a jury found that Rennert and his investment firm, The Renco Group Inc., violated New York law when they transferred more than $118 million out of the Magnesium Corp. of America, and put at least some of it toward Rennert’s massive estate in the Hamptons. Rennert had controlled MagCorp for several years before its 2001 bankruptcy.
