Law firm Simpson Thacher wins malpractice trial over stock sale
PNBK•Claims over short-selling and damages
Mariano alleged in a lawsuit that the law firm failed to craft restrictions that would have prevented those funds from short-selling the company's stock starting in late 2015. The firm's negligence led to Patriot National's collapse and bankruptcy, the lawsuit claimed.
Mariano sought over $200 million in damages.
Simpson Thacher said in a statement that the jury verdict "confirms what we have staunchly maintained from the start: our work and advice in connection with the Patriot National transaction were sound and the claims against us were baseless."
Jury finds Simpson Thacher not liable
A Broward County, Florida jury on Thursday found prominent New York-based law firm Simpson Thacher & Bartlett not liable for an insurance administrator's 2018 collapse.
The jury after three weeks of trial determined that Simpson Thacher was not professionally negligent in its attorney-client relationship with former Patriot National CEO Steve Mariano. Mariano hired the firm to arrange the sale of publicly traded stock on behalf of Fort Lauderdale, Florida-based Patriot National to a group of private hedge funds.
