Patricia Cornwell Wins $50.9M Lawsuit


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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