Litigation
Jul. 2, 2011
Judge Approves Settlements in Suit Over Ponzi Scheme
A Northern District judge approved $22 million in settlements Wednesday in a consolidated lawsuit against Citibank NA, Foley & Lardner LLP and others who allegedly helped Ponzi schemer Edward H. Okun loot his own tax shelter.
Daily Journal Staff Writer
A federal judge approved $22 million in settlements Wednesday in a consolidated lawsuit against Citibank NA, Foley & Lardner LLP and others who allegedly helped Ponzi schemer Edward H. Okun loot his own tax shelter.
The proposed class action claims that the banks, lenders and lawyers associated with Okun's scheme caused roughly 330 real estate owners and investors to lose $150 million. Wednesd...
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