Charles Paikert‘s article in Financial Planning reminds us that deals don’t always end with feelings intact. The recent sale of Fiduciary Network and the following $150 million lawsuit by Mark Hurley against Emigrant Bank “could get very ugly and drawn out.”
“This is a complex case that, if not settled sooner, could take at least several years to litigate,” says Corey Kupfer, an attorney specializing in RIAs. “As the case is based upon allegations of a series of alleged actions by Emigrant Bank to scare off buyers and suppress value, there will be a lot of discovery necessary to determine the facts that might support those claims.”
What’s more, Kupfer adds, “when you add the clear animosity between Howard Milstein [principal of Emigrant Bank] and Mark Hurley to the mix, this could get very ugly and drawn out.”
Read Paikert’s full article and more of my commentary here.