Longtime LeClairRyan attorney disbarred over mishandling of $3M in LandAmerica case
Nov. 19, 2020
Bruce Matson, a prominent, longtime local bankruptcy attorney formerly of LeClairRyan, had his law license revoked last week by the Virginia State Bar after he admitted to inappropriately pocketing seven figures worth of funds from the long-dormant LandAmerica bankruptcy trust account.
The disbarment stems from an episode last year when it was discovered that Matson withdrew $2.8 million from the LandAmerica wind-down account and put the money into his own personal account and those of his associate Robert Smith, and their wives.
Matson, who has spent a portion of his nearly 40-year law career as a bankruptcy trustee, acting as the main fiduciary on often complex corporate bankruptcy cases, oversaw the untangling of LandAmerica’s collapse. The once mighty Henrico-based title insurance firm went under in a heap in 2008 as the Great Recession was beginning.
Bruce Matson oversaw the untangling of LandAmerica’s collapse
The case was brought to what was considered a successful conclusion in 2015, with Matson recovering ample funds for creditors and setting aside around $3 million should incidental matters arise. Those funds were not to be disbursed until the wind-down period came to a close in 2021…
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