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Chrissie Cole
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Magna Bank Finishes Presenting Evidence in Legal Malpractice Lawsuit

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Magna Bank has finished highliting evidence in a legal malpractice lawsuit against Thompson Coburn after four weeks of testimony.

The trial, which was on a three-day hiatus so presiding Judge Daniel J. Stack could attend a judicial conference in Chicago, resumed March 6. And in an odd twist Magna’s lead lawyer, Rex Carr, was called to testify as a witness for the defense.

Carr was asked several questions about his part in directing clients to Gibson – a businessman who scammed structured settlements from widows and children.

It began as far back as 1985 when Gibson took up the business of structured settlements under an agreement with a bank that Magna was to later acquire, according to Carr.

He also said he advised clients that received jury settlements to enter into structured settlements with Gibson’s SBU and Magna Bank.

Everything was fine until 1993, when Gibson informed Magna Bank that pursuant to contract, he would terminate their agreement and take the money to a different company.