Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker David Lippman (Lippman), previously associated with Tcw Funds Distributors LLC, has at least one disclosable event. These events include one customer complaint, alleging that Lippman recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $3,550,000.00 on November 14, 2023.
On November 28, 2023 a group of ten (10) investors in the TCW Special Purpose Sponsor LLC (‘Sponsor’) filed a complaint in the Delaware Chancery Court seeking to recover $3,550,000 that they invested in the Sponsor. The complaint named, among others, TCW, TCW’s then CEO(David Lippman), TCW’s CFO (Richard Villa) and Joseph Shaposhnik (who was CEO of the Sponsor) as defendants. The complaint asserted claims for breach of contract, breach of the implied covenant of good faith and fair dealing, tortious interference with contract, fraudulent inducement and/or negligent misrepresentation. TCW concluded the case wholly lacked merit and it was settled pursuant to a confidential settlement agreement for what TCW believes was less than the cost of defense. David Lippman never communicated with the plaintiffs in any manner, including the period through the solicitation process ending in the dissolution of the SPAC. Nor did he solicit any of the plaintiffs’ investments. Mr. Lippman was not asked to, and did not, contribute to the settlement or the costs associated with defending the claim.