Nobel Prize-Winning Economist Stiglitz Sues Former Divorce Lawyer Over $5 Million
Economist Joseph E. Stiglitz is asking a federal jury in Washington to award him more than $1 million in damages from his former lawyer, who he says failed to file divorce papers in time to prevent his second wife from claiming part of his $300,000 Nobel Prize money.
Jury selection begins today in the trial of Stiglitz's professional-negligence suit again Rita M. Bank of Ain & Bank in Washington. The trial, scheduled to last six days, will include testimony by Stiglitz and divorce lawyers from New York and Washington, according to court papers.
Stiglitz, 68, who shared the Nobel in 2001, alleges he lost more than $5 million because Bank kept him in the dark about her loyalties, according to court papers. Jane Hannaway, Stiglitz's second wife, filed for divorce in 2002.
Bank, who has denied the allegations, declined to comment, as did Stiglitz, who is scheduled to travel to Beijing this weekend to be sworn in as president of the International Economic Association.