Litigation
Sep. 3, 2016
$15.6 million awarded in Ponzi scheme bellwether case
A Los Angeles Superior Court jury awarded a woman $15.6 million after finding that she lost her life savings due to a dubious investment scheme.
Daily Journal Staff Writer
In a bellwether case, a Los Angeles County Superior Court jury awarded $15.6 million to an elderly woman who lost her life savings after being roped into a Ponzi scheme investment fund by a Metropolitan Life Insurance Co. agent, whom the jury decided was a managing agent, not simply an employee.
That distinction opened up the company to punitive damages and paved the w...
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