- Key insight: A private credit fund formerly part of UBS Asset Management is suing the law firm Pillsbury and partner Riaz Karamali, arguing they helped defraud it of $145 million — an unusual bid to hold a borrower’s lawyer liable.
- What’s at stake: A win for Clover could expose law firms to liability when partners vouch for clients in financings, and sharpen scrutiny of how private credit underwrites its loans.
- Supporting data: The complaint says a falsified Fidelity statement claimed Ibrahim AlHusseini held more than $199 million in securities when his accounts held about $2,694.
Overview bullets generated by AI with editorial review.
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A former UBS private credit fund is suing a major law firm it says helped defraud it of $145 million.
Clover Private Credit Opportunities Origination filed the complaint on Tuesday in New York County Supreme Court against Pillsbury…
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