In recent developments, Foley & Lardner LLP is facing allegations of malpractice linked to their advisory role in transactions involving GWG Holdings Inc. According to a litigation trustee assigned to GWG’s bankruptcy estate, Foley & Lardner facilitated loan and equity transactions that allegedly disadvantaged their client, GWG Holdings, to the benefit of Beneficient Co. Group LP, a part of GWG’s controlling shareholder group. The transactions in question amount to $154 million.
The litigation trustee has criticized Foley & Lardner for what it describes as a “disturbing combination of incompetence” and a willful blindness to what the trustee sees as overtly unfair transactions. Despite these serious allegations, a spokesperson for Foley & Lardner has categorically denied any wrongdoing on the firm’s part.
For more detailed information on this developing case, visit the original article on Bloomberg Law.
- Foley & Lardner’s spokesperson denies allegations brought by the trustee
- The complaint asserts that insider transactions were unfair to GWG