So, you’re a member of a very large law firm in New York. You humbly note on your firm profile that you have been named “one of the ‘500 Leading Litigators in America,’ one of the ‘500 Leading Plaintiffs’ Lawyers,’ and one of the ‘100 Lawyers You Need to Know in Securities Litigation,’ and … repeatedly named a Super Lawyer by Super Lawyers magazine, in 2007, 2008 and 2009.” Very humble. You launch a multi-million dollar securities lawsuit against Smith Barney. You work on the case for six years.
Now lets say you’re a partner at a law firm made up of over a 1000 attorneys with locations in 12 cities. You are defending Smith Barney (now Citibank since they bought up Smith Barney). You defend your client for six years.
No one figures out that the plaintiff never bought securities from the defendant for six years.
The judge said, “In retrospect, it was something so obvious that every lawyer in the case should have recognized the problem and reacted immediately. But no one did.” You can read more about it here.
So, if you are ever suing anyone or representing someone…make sure they actually bought the thing you’re suing about. Never mind the fact you signed a declaration that they bought it.
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