Investment Advisor – Jury Vindicates on All Counts in Pension Fund Suit Seeking $3 Billion in Damages

Successful defense of one of the nation’s largest investment advisers against claims for negligence, fraud and breach of fiduciary duty filed by the Florida state employees' pension plan in the wake of Enron’s collapse. The plaintiff sought over $3 billion in damages, based on the adviser’s purchases of Enron and other stock of purported inferior quality on behalf of the pension fund. After securing partial summary judgment, reducing the potential exposure from $3 billion to $1.2 billion, a complete victory was delivered following a seven-week jury trial in a Florida state court. Ultimately, the client was not only vindicated on all counts, but was also awarded $1.2 million in unpaid advisory fees. (Prior firm experience)