A state appeals panel has affirmed the dismissal on statute of limitations grounds of a lawsuit accusing Troutman Sanders partner Edward Mandell and his firm of hiding a conflict of interest between a client company and one of its directors while representing both. The plaintiff, medical equipment seller Access Point Medical, alleged that Mandell simultaneously represented Access Point and a member of its board, Bill Kidd, while Kidd’s and the company’s interests were adverse. Specifically, the company claims that Mandell and Troutman Sanders prepared private placement memoranda for Kidd when Kidd was planning to sell his shares in the company to an outside investor, and that errors in those memoranda exposed Access Point to liability.
The company also alleged that Mandell failed to tell them about warning letters from the Food and Drug Administration concerning their products. It brought claims in 2010 for legal malpractice and breach of fiduciary duty, among others.
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