A Louisiana investment company has sued Utah law firm Kirton McConkie and one of its partners over claims that the company relied on the lawyer’s opinion letters to sell stock but wound up the target of a U.S. Securities and Exchange Commission complaint after the sale.
In the lawsuit filed on Thursday in Louisiana federal court, Western Bankers Capital says it hired Kirton McConkie partner Charles Parkinson Lloyd in 2017 to assist in its sale of 26 million shares of Wyoming company Dolat Ventures. Lloyd, who the lawsuit alleges was tasked with determining whether the sale of the shares could be compliant with SEC rules, authored letters that Western Bankers said it relied on to make the transaction.
Source: Law firm Kirton McConkie sued over advice ex-client says led to SEC probe | Reuters
