HOUSTON – A final arbitration award of $3.5 million was recently handed down in favor of two financial advisory companies that helped the law firm of Pierce Bainbridge Beck Price & Hecht secure tens of millions of dollars from Virage Capital, a lawsuit lender.
As previously reported, Pierce Bainbridge’s financial woes with lawsuit lenders have been spilling over into the courts and causing complications in ongoing lawsuits.
Records show the final award was entered on Nov. 20 in an arbitration proceeding between Katz, Kane & Co., International Assets Advisory and Pierce Bainbridge.
Pierce Bainbridge had an engagement contract with KKC. The contract makes reference to an addendum where the parties agreed that where necessary to comply with securities laws the contract could be assigned to IAA and, in that even, Pierce would continue to work representatives of KKC who are also registered representatives of IAA, which it did.
In total, KKC was awarded $66,533.07 and IAA was awarded $2,813,932.15, records show.