Ex-Red Wings Star Sergei Fedorov Sues Lawyers, Claims Client Conflict Cost Him Millions
Onetime Detroit Red Wings star Sergei Fedorov has filed a federal lawsuit against his former lawyers, claiming their conflict with another client caused him to lose “tens of millions” of dollars on an investment.
Fedorov maintains that Birmingham law firm Hyman Lippitt simultaneously represented Fedorov and his financial adviser, Joseph Zada, who has been accused of taking $60 million from Fedorov, the Detroit Free Press reports. In August, a Michigan judge entered a default judgment against Zada on behalf of Federov, who says Zada swindled him out of $43 million over an 11-year period, according to the Detroit News.
The Free Press quotes Fedorov’s complaint as claiming that, “On numerous occasions Hyman Lippitt has wired money belonging to Mr. Fedorov to Mr. Zada, after Mr. Zada represented to Mr. Fedorov that he was involved in private, foreign investments.”
Feorov further claims that his former firm failed to disclose that it was representing Zada “in litigation against a man who had asserted that Mr. Zada was operating a huge Ponzi scheme.”
Fedorov won three Stanley Cups and an MVP award with the Red Wings before signing with the Anaheim Mighty Ducks in 2003. The Free Press notes that he has just signed a 2-year deal with Metallurg Magnitogorsk in Russia believed to be worth $4 million a year.
Also see:
USA Today: “Sergei Fedorov: Financial adviser swiped $43M”
Palm Beach Post: “Hockey star wins huge payoff from Wellington man”
