The Law Office of Michael C. Rakower, P.C. announces victory in defense of a $5,000,000 legal malpractice action against its client by settling the case for a "nuisance fee" of $950.
New York, NY (PRWEB) August 3, 2009 -- The Law Office of Michael C. Rakower, P.C. announces its victory in defending a $5,000,000 legal malpractice action against its client by settling the case for a "nuisance fee" of $950. The case was brought by a securities investor who had initially brought an arbitration action against several brokerage houses after sustaining heavy trading losses. Assisted by a lawyer, the investor settled some of his arbitration claims and lost others. Dissatisfied with the net return on his claims, the investor then sued his lawyer for malpractice in New York State Supreme Court. The Law Office of Michael C. Rakower, P.C. was hired to represent the lawyer.
"Although the plaintiff's losses were significant, he had no one to blame but himself," says Michael Rakower, a principal of the boutique litigation firm in New York that bears his name. "Looking for a fall guy, the plaintiff sued our client." The Law Office mounted a vigorous defense, uncovering an array of financial records that showed the plaintiff to be someone who sought out high-risk investments. "We approached the plaintiff's lawyer with the information we obtained about his client's risk profile. He saw the writing on the wall and elected to withdraw from the case," explains Rakower. The case was then settled for a "nuisance fee" of $950.
This malpractice action was a "back to the basics kind of case," according to Rakower. "The claims were large and the allegations sounded good on paper, but when you examined the evidence the case fell apart like a house of cards." The secret to success in this case was "good old-fashioned hard work," says Rakower, whose firm labored over boxes of financial records to piece together the history of the plaintiff's investment decisions. "When examined, the trail of documents led to the inescapable conclusion that the plaintiff's losses were the result of his own investment decisions. The very small settlement reflects our belief that the plaintiff's claims were meritless."
The Law Office of Michael C. Rakower, P.C. is a litigation boutique located in midtown Manhattan. The Law Office represents individuals and companies requiring exceptional attention to complex concerns.
In 2007, Lawyers USA named Michael C. Rakower among the nation's top eight "up and coming" lawyers. In 2006, the New York State Bar Association honored Mr. Rakower as its Outstanding Young Lawyer of the Year. Recognized by national news media as an international law expert, Mr. Rakower has appeared on television to discuss matters concerning the Foreign Sovereign Immunities Act, the accountability of United Nations officials, and the extradition of a U.S. murder suspect.
For more information about the case mentioned in this press release or about the Law Office of Michael C. Rakower, P.C. please contact:
Rachel Jordan
Law Office of Michael C. Rakower, P.C.
(212) 660-5550
info (at) rakowerlaw (dot) com
www.rakowerlaw.com
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