“The plaintiffs’ recovery from other sources renders the full loss claim excessive,” stated Judge Wilson. Her decision aligns closely with arguments from Marinosci Law and Rosenberg’s defense, highlighting the perceived flaws in Safe IRA’s financial claims.
Connecticut Judge Whittles $1.4M Malpractice Award To $165K: The Dispute’s Origins
The controversy traces back to a 2015 loan of $1.6 million by Safe IRA to Fondue Fusion LLC, intended for business development on a Connecticut property potentially valuable as a landfill. The loan was to be secured against 60 acres of land in Colchester, valued at $3.9 million. Unfortunately, environmental and legal issues later surfaced, preventing the land’s use as a landfill and undermining the loan’s security.
Legal Developments
After the borrower defaulted on the loan, paying less than $25,000, Safe IRA pursued legal action against the guarantors and other involved parties, including Rosenberg, another attorney, and a real estate advisor. Although settlements were reached with several parties, Safe IRA continued its case against Rosenberg and his former law firm, leading to the recent judgment.
Implications and Representation
This case highlights the intricate dynamics of legal responsibility and financial recovery in malpractice lawsuits. Safe IRA Partners LLC and the Mile Standish Trust are represented by Glenn A. Duhl of Zangari Cohn Cuthbertson Duhl & Grello PC, while Rosenberg and the Marinosci Law Group PC are represented by Timothy P. Moylan and Thomas P. O’Dea of Diserio Martin O’Connor & Castiglioni LLP.
