In a suit filed against Philadelphia law fimr Duane Morris LLP and two of their estate attorneys, Stanley M. Joffee, Esq. amd Stanley A. Barg, Esq., plaintiffs claim they suffered "substantial losses" after the lawyers allegedly ignored their requests for conservative investment strategies and their money was invested in a Madoff feeder fund instead. Plaintiffs are real estate developer Daniel Keating III and his wife Sarah.
The complaint makes interesting reading: Click Here.
Claire Zillman writes for The AmLaw Daily:
"The Keatings complaint alleges that Joffe suggested Notz Stucki & Cie as one of two managers for a trust established in 2008. According to the complaint, the Keatings thought that Notz would be instructed to allocate the assets into conservative investments, but nearly half of the sum was invested in risky equity and hedge fund investments, including feeder funds of Bernard L. Madoff Investment Securities, which they discovered in December 2008."
Here is my question: Why are these lawyers giving investment advice?
Hat Tip to the Trust Advisor Blog.