Quote from: cheezcarls on January 04, 2020, 08:02:29 PM

A former client is suing international law firm Faegre Baker Daniels for legal malpractice. Digital Capital Management claims the company gave it questionable advice relating to the setting up of a cryptocurrency investment fund.

According to a report in Bloomberg Law, Digital Capital Management filed the complaint against the legal firm on December 31. It claims that Faegre Baker Daniels gave the company erroneous legal advice as it was preparing to launch a fund focused on investing in the digital asset space.

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In the eyes of SEC, most of the cryptocurrencies are classified as securities.

However, there are countries who claimed that cryptocurrencies are legal tender and not as securities. I know there's going to be a debate about cryptocurrencies being classified as securities or not.

I do have a question for you guys though. Do they deserve to get sued for giving advice that cryptocurrencies are not securities? Or is this not necessary at all? What would be your reaction to this one guys?

Cheers!

Its normal for people to get sued. Getting sued does not mean being guilty. The law firm that makes its own suggestion to the client must have a basis as to why they made such statement would be made in court then the court would decide if they acted in good faith or not. But really I don't see any difficulty there. If someone advises you, you are at liberty to either accept or reject. If they didn't give you the advise you wanted, then you sack them and request for a new one or a better lawyer.