Banker Frank Quattrone donates $15 million to Penn Law for legal research center
Posted May 29, 2013 1:01 PM CST
By Martha Neil
A well-known investment banker who successfully fought charges in a securities case has donated $15 million to the University of Pennsylvania Law School.
Frank Quattrone, through the Frank and Denise Quattrone Foundation, is funding the new Quattrone Center for the Fair Administration of Justice at Penn Law. It will help pay for research into ways the legal system can be improved, Bloomberg reports.
Quattrone, who had staged a comeback by 2008, spent five years battling U.S. securities regulators before being exonerated on appeal in a case that had alleged he hindered an investigation into Credit Suisse practices concerning initial public offerings.
"Our system of justice may very well be the best in the world, but with each passing day the frequency and sometimes tragic consequences of its mistakes, as well as the risk of random unfair outcomes for all Americans, are becoming better understood,” Quattrone said in a Penn Law press release.