Holland & Knight has agreed to pay $25M to settle a litigation ongoing for three years. The original lawsuit alleged that Holland & Knight missed red flag while working for hedge fund manager Arthur Nadel, who was later found to be operating a Ponzi scheme. The receiver of the assets claims that had the law firm not missed the red flags, the Ponzi scheme would have been discovered earlier.
Calculated Risk Advisors reminds clients that obtaining proper professional liability insurance will help protect against claims, settlements and defense costs. Contact a broker at ProtectLawyers.com today if you have questions about your firm’s insurance and whether the limits your firm carries are adequate.