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Former Chicago Bulls star Scottie Pippen has filed a legal malpractice lawsuit against a firm that he said persuaded him to use a financial adviser who lost millions of dollars through questionable investments.
The lawsuit accuses Katten Muchen Zavis Rosenman and one of its attorneys, Sheldon T. Zenner, of negligence. It also alleges the firm had a conflict of interest when it recommended Katten Muchen client Robert Lunn as a financial adviser.
"He was completely faked out by his trusted legal advisers whose conflicts and incompetence have cost Scottie and his family millions of dollars," according to the lawsuit, filed Wednesday in Cook County Circuit Court.
The lawsuit does not seek specific damages, but Pippen attorney Robert P. Cummins said that "to suggest that it would be in the range of $20 million would not be overstating the problem."
Katten Muchen general counsel and senior partner Harvey Silets said an internal review of Pippen's complaints were found to be "totally meritless."
"There is no basis in fact or in law for these allegations, and we intend to vigorously defend against them," Silets said.
Pippen in November won an $11.8 million judgment against Lunn. Pippen alleged Lunn invested $7 million into real estate ventures with a developer that filed for bankruptcy protection in October 2003. Lunn also failed to disclose his extensive business relationships with the developer, according to the lawsuit.
Pippen also alleged he lost $1.7 million in a poorly structured deal to invest in a small jet, the lawsuit claimed. In all, Lunn and his company handled $17.5 million of Pippen's money, court papers showed.
Lunn was not named as a defendant in the lawsuit against Katten Muchen.
Pippen and Michael Jordan led the Chicago Bulls to six titles in the 1990s. Pippen retired in October after 17 years in the NBA.
Source: AP
The lawsuit accuses Katten Muchen Zavis Rosenman and one of its attorneys, Sheldon T. Zenner, of negligence. It also alleges the firm had a conflict of interest when it recommended Katten Muchen client Robert Lunn as a financial adviser.
"He was completely faked out by his trusted legal advisers whose conflicts and incompetence have cost Scottie and his family millions of dollars," according to the lawsuit, filed Wednesday in Cook County Circuit Court.
The lawsuit does not seek specific damages, but Pippen attorney Robert P. Cummins said that "to suggest that it would be in the range of $20 million would not be overstating the problem."
Katten Muchen general counsel and senior partner Harvey Silets said an internal review of Pippen's complaints were found to be "totally meritless."
"There is no basis in fact or in law for these allegations, and we intend to vigorously defend against them," Silets said.
Pippen in November won an $11.8 million judgment against Lunn. Pippen alleged Lunn invested $7 million into real estate ventures with a developer that filed for bankruptcy protection in October 2003. Lunn also failed to disclose his extensive business relationships with the developer, according to the lawsuit.
Pippen also alleged he lost $1.7 million in a poorly structured deal to invest in a small jet, the lawsuit claimed. In all, Lunn and his company handled $17.5 million of Pippen's money, court papers showed.
Lunn was not named as a defendant in the lawsuit against Katten Muchen.
Pippen and Michael Jordan led the Chicago Bulls to six titles in the 1990s. Pippen retired in October after 17 years in the NBA.
Source: AP