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Bank Clients File Legal Malpractice Suit Against Winstead

Winstead is fighting a legal malpractice suit filed by bank clients who seek to recover over $20 million in damages due to alleged professional negligence.

filed in NexBank v. Winstead, which was filed in Dallas County's 193rd District Court on Feb. 13. "We intend to hire counsel and vigorously defend the lawsuit," Campbell said. "And we believe we will be vindicated, because we do not believe our lawyers committed malpractice." The allegations in the lawsuit concern the foreclosure on a complicated $62 million loan for two office buildings located in Farmer's Branch, TX. When the borrower defaulted on the loan, NexBank and Highland Capital Management hired Winstead for representation in the loan workout and foreclosure for hourly rates as high as $620 per hour because of the firm's "extensive experience," according to the petition. Instead, the bank client ended up in wrongful termination litigation with the borrower and guarantor--a lawsuit that was eventually settled for substantially less than the outstanding deficiency, according to the petition. "If at trial the foreclosure that Winstead had orchestrated was found wrongful, then plaintiffs would not have recovered any of its $30 million-plus deficiency," according to the petition. "Plaintiffs, on behalf of themselves and the noteholders of the loan, therefore file this suit to recover from Winstead more than $20 million in damages caused by its professional negligence and negligent misrepresentations," the petition alleges. Deborah Deitsch-Perez, a partner in Dallas' Lackey Hershman who represents NexBank and Highland Capital Management, declined to comment. Originally posted by John Council on Legal Malpractice Suit - Ball & Bonholtzer Trial Attorney - Los Angeles

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