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September 26, 2018

Special Master: “Serious Ethical Violations” By Plaintiffs’ Firm in $300 Million Lawsuit

In a newly unsealed report, the special master in the $300 million lawsuit against State Street Corp. said there were “serious ethical violations” in an arrangement between the Labaton Sucharow firm and a Texas lawyer that used business and political connections to win the firm clients, Law360 reports.

The special master, retired federal Judge Gerald Rosen, said lawyer Damon Chargois and a former Arkansas state senator played a “significant role” in securing the Arkansas Teacher Retirement System as the lead plaintiff. Judge Rosen said Chargois acted “in a business development capacity,” which “could not even arguably constitute a traditional referral relationship.” The Labaton firm paid $4.1 million to Chargois, who did no legal work on the case.

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