Securities Fraud Lawyer - Whalen Bondholder Lititgation

This was a complex securities fraud action on behalf of bondholders who had purchased $10 million of industrial revenue development bonds which were used to fund construction of a hotel outside of Denver, Colorado. There were over 60 defendants in the case, including underwriters, lawyers, numerous Oklahoma Savings & Loan Associations, and the Federal Savings & Loan Insurance Corporation (FSLIC) as Receiver for some savings and loan associations which had been placed in receivership. In representing the interests of the class, Shapiro Haber & Urmy LLP not only litigated and settled, on very favorable terms, the securities fraud claims against the defendants, but also located a buyer for, and negotiated the sale of, the hotel that was the collateral for the bonds. As a result of our efforts, over 80 percent of the bondholders' losses were recovered.