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Two months ago, FITSNews reported on a questionable choice to lead the much-maligned Charleston School of Law (CSOL) – a chronically underperforming institution located in South Carolina’s historic Holy City.
This week, the proverbial feces met the fan as it related to that report…
As we noted in our prior coverage, Mount Pleasant, S.C. attorney Hal Cobb – founder and senior partner at Cobb Hammett Andrews – was appointed interim president at CSOL in December. Cobb’s choice was a curious one given his shady banking history and a fresh scandal involving a wealthy former client, multi-millionaire Timothy Kane.
“Cobb has come under fire for alleged issues related to the management of holdings belonging to Timothy Kane – a wealthy Lowcountry property owner whose assets included Charleston National Golf Course,” we reported at the time. “Kane passed away (last) July, and several transactions reportedly undertaken in the days and weeks surrounding his demise have drawn scrutiny.”
We also noted the involvement of veteran legal malpractice attorney Ronnie Richter on behalf of those allegedly harmed by Cobb’s actions.
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“No lawsuits have been filed that we know of as it relates to Kane’s business holdings, but sources familiar with the case say attorney Ronnie Richter – who specializes in legal malpractice lawsuits – is involved in the matter,” we reported at the time.
Well, this week Richter’s firm announced it had filed a lawsuit on behalf of Kane’s estate against Cobb.
“This action seeks to ensure that Cobb and his firm will not profit in derogation of their duties to their clients and that other lawyers similarly situated will be reminded of the ethical restrictions which prevent lawyers from using their positions of power to the disadvantage of their clients,” the complaint (.pdf) stated.
What is Cobb accused of doing? Deathbed shystering, allegedly…
“On June 1, 2024, Timothy Kane lay in an ICU bed at Roper St. Francis Hospital Mount Pleasant fighting both sepsis and the news that the prostate cancer he thought he had long ago conquered had returned,” the pleading began. “Kane had a special visitor that day; his lawyer and ‘friend’ Hal E. Cobb.”
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According to the complaint, Cobb arrived that day with a fifth iteration of Kane’s estate plan – and numerous other documents.
“This (estate plan) was different (from the previous iterations),” the complaint alleged. “This one had been prepared by Cobb. Unlike prior iterations of the estate plan, version five installed Cobb as a trustee of the Timothy P. Kane Trust, purported to vest all voting rights for Kane’s various real estate and investment holding companies exclusively with Cobb and provided for an extraordinary and substantial ‘gift’ to Cobb with an estimated value of $2.7 million.”
Not bad work if you can get it, right?
In addition to this estate plan, “Cobb also brought with him to the hospital on June 1, 2024, documents which (he) had authored and which purported to advise Kane of the ‘potential’ ethical conflicts associated with his preparation of the estate planning documents. The letters highlighted the need for Kane to receive ‘detached’ and ‘independent’ legal advice if indeed Kane wished to leave Cobb such an amazing gift.”
That “independent” legal advisor? Cobb’s associate, Carolina Lista (who is also named in the lawsuit).
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RELATED | NEW CHARLESTON LAW CHIEF RAISES EYEBROWS
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“Lista executed documents at the hospital as well in which she declared that she had provided Kane with ‘independent’ legal advice through which she reviewed the complicated estate planning documents with Kane to ensure the legal and ethical propriety of the documents,” the complaint alleged.
Lista is not a trusts and estates attorney, according to the suit, and “was not competent to provide trusts and estates advice to a client in the preparation or execution of estate planning documents” for a client with Kane’s vast holdings,
Of interest? According to the lawsuit, the “public disclosure” brought about by our December 9, 2024 article prompted Cobb to “voluntarily” relinquish his interest in one of Kane’s trusts a few weeks later – although he “continue(d) to assert an interest” in another Kane trust, per the pleading.
In addition to the lawsuit against Cobb, Lista and their law firm, a separate lawsuit filed by Richter targets Cobb and multiple incorporations tied to Kane – specifically asking the court to dissolve three of these entities.
According to that complaint (.pdf), Cobb has “controlled the day-to-day financial operations” of these companies and, in that capacity, “has acted, is acting or will act in a manner that is unlawful, oppressive, fraudulent, or unfairly prejudicial” to Kane’s estate.
Count on FITSNews to keep our audience apprised of the latest developments related to this case, including any formal response from Cobb and the other co-defendants named in these pleadings.
BANNER VIA: GETTY IMAGES
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THE FILING…
(S.C. Ninth Judicial Circuit)
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ABOUT THE AUTHOR…
Will Folks is the founding editor of the news outlet you are currently reading. Prior to founding FITSNews, he served as press secretary to the governor of South Carolina. He lives in the Midlands region of the state with his wife and eight children.
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3 comments
What a bunch of crooks! It takes a pretty low individual to take advantage of someone on their deathbed. I hope Cobb and his cronies go to jail for a long time.
I wonder about the others working out of his office. Are they snakes in suits, too?
They already settled and dismissed both cases…..