US solicitor indictment: Lawyers respond
December 27, 2007
A US solicitor negligence-related indictment has "sent a chill down the spine" of the profession, a leading defence lawyer has said.
Law.com reports that Joseph P. Collins, partner at law firm Mayer Brown, has been charged for covering up big losses at one of his clients, finance giants Refco, to their investors.
Refco has since gone into insolvency - following the true state of its finances coming to light.
An anonymous New York law firm chief told the website: "If [Mr Collins] was just careless [rather than negligent], there's a hell of a chill running down my spine about this."
Another un-named lawyer tied the solicitor negligence charges in with the apparently faltering US economy.
"When the economy takes a hit, there is a tendency to look for scapegoats to be taken out and shot," he said.
Mr Collins has been indicted by US authorities along with four Refco executives - one of whom has already pleaded guilty to fraud and conspiracy charges.