Patricia Cornwell, fiction crime-writer and author of 20
books, was
awarded $50.9 million last Tuesday as a result of a lawsuit against her
former financial management firm. Ms. Cornwell alleged that the company cost
her tens of millions of dollars in lost money over four years and filed a
lawsuit with the U.S. District Court of Massachusetts in 2009 against Anchin,
Block & Anchin LLP and its former principal, Evan Snapper.
“Ms. Cornwell is a best-selling crime novelist whose ability
to write is dependent upon the ability to avoid distractions,” her suit stated.
“A quiet, uninterrupted environment free of the distractions of managing her
business and her assets, including her investments, is essential to her ability
to write and meet her deadlines.”
Cornwell sued for negligent performance of professional
services, breach of fiduciary duty, breach of contract, equitable forfeiture,
and other violations. The lawsuit also brings to the record the fact that she
“openly acknowledges her diagnosis with a mood disorder known as bipolar
disorder, which, although controlled without medication, has contributed to her
belief that it is prudent for her to employ others to manage her business
affairs and her investments.”
The author states that she agreed to a contract fee of
$40,000 per month and that was charged far more than that for the firm’s
services. But Anchin maintained that the $40,000 fee was a “retainer” and that
the firm billed by the hour.
“For more than 90 years, the professionals at Anchin have
built a reputation for honesty and integrity. The firm will endure despite
today’s outcome,” said Frank Schettino, managing partner at Anchin. “We are
eager to return to our business and continue providing the highest level of
professional services our loyal clients have come to expect.”
Evan Snapper, former principal to Anchin, admitted to using
$50,000 of Cornwall’s money to purchase tickets to an Elton John concert
benefitting Hilary Clinton. He pled guilty to violating campaign finance laws
as well and paid a fine. Cornwall also claims that Anchin made investments
without receiving input from her and “borrowed” several million dollars to
purchase mortgages for real property and the purchase of a helicopter.
Anchin is currently considering its options, which includes
a possible appeal of the verdict. It
has maintained that the firm acted appropriately and that the loss of money was
due to the poor economy and Cornwell’s own decisions.
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