August 22, 2011
Authored by: Luke Lantta
Keeping with our recent coverage of the intersection between fiduciary litigation and Bernie Madoff and other Ponzi schemes, we again turn to Pennsylvania where last month a prominent Philadelphia couple sued their estate planning attorneys at Duane Morris over money that ended up in the hands of Bernie Madoff.
In Keating v. Duane Morris, Daniel J. Keating III and his wife, Sarah, sued Duane Morris and two of its attorneys for breach of contract, professional liability, and quantum meruit. According media reports, the Keatings went to Duane Morris for help in crafting an asset protection plan and advice on long-term investment options. The firm established one trust for the Keatings in 2005 with a trustee, trust protector, investment manager and custodian. The problems allegedly arose from a second trust established in 2007.