WCM, LLC v. Cooper ⇒ $1.56 million (plus attorneys fees and expenses)

The Law Offices of Cary S. Lapidus obtained an award of $1.56 million on behalf of a registered investment advisory firm and two of its partners who retained Lapidus to recover money allegedly misappropriated by one of their partners. In addition to the $1.56 million monetary award, Lapidus' clients were awarded their attorneys' fees and expenses. The arbitrator also found that the firm's expulsion of the partner was "For Cause".

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“Cary Lapidus is probably the most well prepared attorney with whom I have ever dealt. He has excellent judgment and understanding of the law. Most important of all, he is highly ethical and those who deal with him know that his word is his bond.“
Paul Dubow
Opposing Counsel & Mediator in Six Cases

In The News

The Recorder
January 15, 1989

Lawyer Referral Service Committee Chair Roger Meredith accepted a check for $29,360.00 from panel attorney Cary Lapidus last month at last month's LRS Committee meeting. This amount represents the forwarding fee for a case referred to Mr. Lapidus on the Business Law Panel.
The client was a former professional football player whose sports agent was also acting as his financial advisor. His agent advised him to invest $100,000 for part ownership in an aircraft company as a tax shelter. Due to injuries the client's career as a football player was short-lived and his lack of other skills resulted in his taking a position as a security guard with a resulting loss in income. At the point when the client called LRS the company was demanding that he pay the balance he owed on the investment but he was unable to do so. He called LRS for a referral to an attorney to review the investment contract and we referred him to Mr. Lapidus.
Mr. Lapidus found that the agent was liable for not advising the client of the negative aspects of this investment as a tax shelter. In addition a stockbroker involved in the transaction had falsified information about the clients income in order to qualify him for the investment in the first place. Mister Lapidas initiated arbitration proceedings in 1987, and the case went to arbitration a year later.
The brokerage company settled with the client after three days, but the proceedings against the sports agent continued until the client won an award in arbitration. The agent appealed the award and the appeal was successfully defended by Mr. Lapidus, who was awarded attorneys fees for defending the appeal. The client's final award totaled $286,000.
Cary Lapidus is a former staff attorney with the US Securities and Exchange Commission's Division of Enforcement and Division of Market Regulation. Since entering private practice he has represented both plaintiffs and defendants in numerous security cases as well as representing individuals in cases involving investment advisors and limited partnerships. Mr. Lapidus has been on the business law panel of the Lawyers Referral Service since 1986. We are happy to have him as a member and hope he continues to provide his valuable services to our clients for a long time.

Please contact us for assistance with securities arbitration law, securities litigation, broker misconduct, investment advisor misconduct and investment losses.

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