Mesothelioma Lawyer Blog
Fraudster Steven Kazan Sued – Breach of Fiduciary Duty (Asbestos Trusts)
Oakland Lawyer – Fraudster Steven Kazan Sued – Breach of Fiduciary Duty (Asbestos Trusts) – And it’s all True!!
Steven Kazan has been insider dealing and misappropriating Asbestos Trust Funds for decades!
You can’t underestimate the theft and fraud of Kazan with regards to Asbestos Trusts. Insider dealing? Check.
Suppression of claims? (so Kazan can steal additional funds)…Absolutely!
Fraudulent Claims (which his insider buddies then pay)? Kazan is king.
Lying to Congress? Yes, Kazan has done that too.
Signing yearly Annual Reports which Kazan knows contain fraud? There’s that loser Kazan again!
Banning esteemed Doctors (because they don’t represent his clients) from writing reports for Asbestos Trusts? Yes – that too….
How about illegally taking “Attorney Fees” ($20 million) from Asbestos Trust funds? Yes, Kazan has done that too…..really, given the number of Trusts (60) and Kazan’s involvement in most, the amount of fraud, harm, and theft by Asbestos Attorney Steven Kazan cannot be underestimated.
Insider dealing with Law Firms such as Caplin Drysdale (Washington DC), Campbell and Levine (Delaware) and many others so Kazan could misappropriate funds? Yes – Kazan does that too…
And finally, Kazan got sued!
Kazan breached his Fiduciary Duty (like with every Trust). Kazan engaged in Asbestos Trust insider dealing. Kazan used his ‘superior’ position to commit fraud.
The Complaint (filed by Top Pennsylvania Asbestos Attorney Lee Davis) beautifully lays out Kazan’s insider dealing and fraud.
Simply put, the Trust didn’t want to pay Davis’ client’s claim a respectable valuation (Robert Baird) – but would have paid Kazan’s identical claim TEN TIMES respectable valuation. This Complaint ‘proves’ (see below) that Kazan is insider dealing and misappropriating funds not just on the Armstrong World Industries Asbestos Trust – but from dozens of Trusts.
Thankfully, Pennsylvania lawyer Lee Davis helped make this information public – Steven Kazan has been engaging in fraud, insider dealing, favoritism and misappropriation of funds in his advisory committee role on nearly every Asbestos Trust.
Hopefully, the Department of Justice picks up on this lawsuit and investigates further….
What do you think happened in this lawsuit below? Of course – Kazan immediately resolved the case (of course, using Trust funds). No doubt Kazan hoped this lawsuit never became public….but here it is…
Kazan Sued – Here’s a copy of the Complaint and all attachments.
NOTE – EVERY 2020 ANNUAL REPORT OF EVERY TRUST IS NOW REQUIREMENT TO PUBLISH THIS INFORMATION MATERIAL TO BENEFICIARIES
2020-02-20 Robert Baird Interrogatories to Armstrong World Personal Injury Trust BR-34
Exhibit 1 Right to Sue Robert Baird v Armstrong World Trust et al 2019-10-16 Exh 1
Exhibit 2 Armstrong World Industries, Inc.’s Fourth Amended Plan of Reorganization BR-34 Exh 2
Exhibit 3 Order In re Armstrong World Industries, Inc., 348 B.R. 223 (D. Del. 2006) BR-34 Exh 3
Exhibit 6 Conformed-Copy-Second-Amended-and-Restated-TDP-as-of-September-26-2017 BR-34 Ex 6
Exhibit 7 ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2018 BR-34 Exh 7
Exhibit 8 AWI-Trust-Amended-and-Restated-ADRP-as-of-July-31-2015 Exh 8