Dechert and K&L Gates sued for malpractice

Money market fund Reserve Management Co. Inc. has launched a malpractice suit against Dechert and K&L Gates, claiming that the firms failed to advise it four years ago that two members of its board weren't independent. Reserve says it spent $4 million in professional and other fees trying to avoid an SEC action over having an improperly composed board, reports The American Lawyer.