Continental To Settle Clawback Claims For Up To $25M

Law360, New York (February 11, 2011, 4:27 PM EST) -- Continental Assurance Co. has agreed to hand over as much as $25 million to WG Trading Investors LP's receiver to settle clawback claims stemming from the collapse of WG executives' alleged Ponzi scheme.

Robb Evans & Associates LLC, the court-appointed receiver in both the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission's actions against WG and its executives, sought approval Thursday for the settlement from the U.S. District Court for the Southern District of New York.

The receiver is authorized to pursue clawback...
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