Holland and Knight, a leading law firm, was recently found liable by a Los Angeles jury for fraud, legal malpractice and breach of fiduciary responsibility. The jury ordered the law firm to pay $34.5 million after being link to the fraud lawsuits involving Shi Shailendra, Atlanta real estate promoter.
The Sabadias claimed that Holland and Knight and Glass assisted Shailendra’s scheme that diverted tens of millions of dollars of Sabadia money right into Shailendra’s pocket. The jury found that Holland and Knight, independently, and through its responsible partner White Reeder Glass, had tricked the plaintiffs into believing that the law firm was representing the plaintiff’s interests in their investments with Shailendra. Sabadia stated that the law firm basically allowed us to be financially mugged. Holland and Knight created multiple entities for the Sabadias, portrayed to banks and others that they were representing the Sabadias, directed them to sign various agreements and legally binding documents, and even sent the Sabadias blank pages to sign in various transactions. The prosecution stated that this is a victory not only for the Sabadias, but for all consumers in California.