Frank, Haron, Weiner and Navarro was featured in the March 5 - 11, 2007 issue of Crain’s Detroit Business magazine in its story on the top 2006 verdicts and settlements in lawsuits involving Michigan businesses.  The firm was featured for its role as one of three law firms who represented plaintiffs in the largest cross-border securities dispute on record in the State of Michigan.  The lawsuit was settled for $21 million.  The defendants were represented by numerous attorneys, including the Detroit-based Honigman Miller law firm.

The lawsuit arose from an initial public offering in March 2005 of FMF Capital Group, L.L.C. securities to the Canadian public after FMF acquired the Michigan-based subprime mortgage-lending business of MFAC.  More than 4,000 investors were buyers in the IPO and another 4,000 in secondary trading afterward.

The securities traded on the Toronto Stock exchange at $10 a share to start, but within eight months had dropped to 75 cents a share.  Investors who sued asserted that those who made the IPO should have known the company did not have sufficient resources to buy back non-performing loans and understated risk to investors.  

The lawsuit began in Oakland County in late 2005 as a proposed class action and eventually spread to include lawsuits in London and Toronto, Ontario; and Quebec City, Quebec.  FHWN attorneys David Haron, Monica Navarro, Michelle Bayer, and law clerk Mercedes Varasteh worked on the case.