Financial Crisis
Famous NY Lawyer Sues Investment Firm for ‘Chopped Liver’ Advice
Posted Oct 21, 2008, 06:02 am CST
By Debra Cassens Weiss
Raoul Felder
Image courtesy of Raoul Felder.
New York divorce lawyer Raoul Felder has sued his investment firm, saying it lured him to invest in a risky hedge fund that lost $200,000 of his money.
The suit seeks $5 million in damages from AllianceBernstein, the New York Post reports. Felder maintains he stressed he wanted to remain in secure investments, but finally agreed to invest $750,000 with the hedge fund after investment advisers led him to believe it was safe as a more established and older fund.
"It's like the owner of a restaurant who tells the waitstaff, 'Push the chopped liver,' even though it's spoiled,” Felder told the Post. “It may make the customer sick, but they get their money. Anything for money."
Felder said he had $9 million to $10 million invested with the firm, but he has withdrawn all of the money. "You can't trust these financial big shots," he told the newspaper. "If they don't listen to me, how are they going to listen to a retired druggist?"
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