Today, Barbara Ann Radnofsky, a 30-year lawyer, retired Vinson & Elkins partner, and 2010 Democratic nominee for Texas Attorney General, provided Texas Attorney General Greg Abbott an $18 billion lawsuit against Wall Street. The lawsuit, supported by law professors, former Governor/Texas Attorney General Mark White, University of California, Irvine Dean Erwin Chemerinsky, former President of the State Bar of Texas, Bill Whitehurst and prominent statewide lawyers, sues to protect the physical and economic interests of Texas under well established Supreme Court law.   Radnofsky is launching a petition drive at www.SueWallStreet.com today to collect 100,000 signatures urging States Attorneys General to sue, using the materials at SueWallStreet.com.  Radnofsky offered the lawsuit and her legal services at no fee to work on the case in a letter to the Texas Attorney General.

Time is of the essence because the right to sue for negligence will likely expire in September 2010 (due to a 2 year legal "Limitation" period in Texas). Fraud and other doctrines allow longer time periods, but negligence law likely requires such a lawsuit be filed before September 2010.

Radnofsky: "Texas and every other state can obtain justice from the scoundrels of Wall Street and achieve what the federal government has failed to do."

State Attorneys General successfully sued Big Tobacco, using a long history of Supreme Court cases. Their hard work resulted in settlements reported in hundreds of billions of dollars and other relief, including the retirement of Joe Camel. Using the same cases and even better, modern Supreme Court cases on the right of a State to protect its citizens and well being, Barbara Ann brought together a group of respected law professors, lawyers and a forensic CPA to develop the States case to support the current proposed lawsuit. And, in this case, as a public service, Radnofsky offered to handle the litigation at no fee. Counsel Steve Malouf also offers to handle the litigation at no fee.

Radnofsky provides a Legal Memo and the lawsuit at SueWallStreet.com. The experts she has gathered, ready to assist, include:

Hon. Mark White, former Governor and Texas Attorney General

Bill Whitehurst, former President, State Bar of Texas

Dean Erwin Chemerinsky, University of California, Irvine

Professor Charles Silver, University of Texas School of Law

Professor Susan Klein, University of Texas School of Law
 
Jeannie McClure, Forensic CPA

Larry Joe Doherty, Attorney

Tommy Fibich, Attorney

Steve Malouf, Attorney

Mark Mueller, Attorney

Nick Patton, Attorney

Defendants include Goldman Sachs, Morgan Stanley, AIG and ratings companies.  

Texas former Governor Mark White, a well respected and admired former Attorney General, wholeheartedly endorsed the lawsuit and doctrine. White: "This is a brilliant idea, simple and clear, with more than 100 years of use. In Texas, the tobacco litigation proved the leadership role of the Texas Attorney General in protecting the well being of the state and its citizens. Money damages are most appropriate, in addition to non-money damages also permitted. And, the negligence doctrine pled by Ms. Radnofsky will trigger the Wall Street companies' insurance policies for their malpractice, errors and omissions."

Forensic CPA Jeannie McClure stepped forward to provide insight on economic harms traced to Wall Street conduct, explaining: "Modern economic modeling allows us to trace and identify the harms caused by Wall Street banks and other company conduct. We can prove the harm caused to the Texas economy and the prosperity and well being of its citizenry."

Larry Joe Doherty a 40- year lawyer whose specialty is legal professional ethics endorsed the theory and the lawsuit, explaining:  "The Texas Attorney General should file Radnofsky's valid complaint. Attorney General Abbott of Texas is ethically obligated to protect Texas' financial interests. He's our lawyer, our only access to the courts on this case. If he fails to protect us we can't all sue him for malpractice, but his failure will be malpractice, nonetheless. The tobacco litigation proved the 'Right' and ability of Texas to fight the 'Robber Barons of Commerce.' This is a right of this State that will be lost, if Attorney General Abbott falls asleep at the wheel or worse, knuckles under to the political pressure of big business.  They may be 'Too Big To Fail,' but they are not 'Too Big To Be Sued'."

Professor Charles Silver provides 2010 perspective to this litigation: "No one doubts that the State of Texas could sue BP, Transocean, and Halliburton to protect its citizens from the consequences of the massive oil spill in the Gulf. This is true because the spill poses a threat to the general welfare of Texans. For the same reason, Texas can also sue the investment bankers and others whose actions contributed to the Great Recession, which has polluted the State's financial environment just as surely as the Deepwater Horizon disaster threatens to pollute the State's beaches and waters. A court will decide whether the proper legal cause of action is common law fraud, RICO, or something else, but the State is clearly entitled to protect its citizens from generalized harms to their economic or physical wellbeing."

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During her 30 year legal career, Barbara Ann has represented retirees, life-saving doctors, blood banks, children burned by lighters, families of murder victims, unfairly treated businesses: a wide variety of persons entitled to protection. Barbara Ann graduated with honors from the University of Houston and the University of Texas School of Law. 

She was honored as the Outstanding Young Lawyer of Texas in 1988 and for the past 17 years she has been listed in "Best Lawyers in America".  Prior to 2006, she was a partner at the law firm of Vinson & Elkins in Houston, where she served as head of the Alternate Dispute Resolution Section.  She was the first woman at Vinson & Elkins to have children as an associate and later attain partnership.  Texas has never had a woman Attorney General.

Media Contact:
Katie Floyd
713-858-9391 (cell)
713-357-3360(office)
katie.floyd@radnofsky.com