BNY, Wells Fargo OK'd To Intervene In $21M Ponzi Deal

Law360, New York (March 7, 2011, 9:21 PM EST) -- The Bank of New York Mellon Corp. and Wells Fargo Bank NA on Monday won the right to intervene in Securities America Inc.'s proposed $21 million settlement related to putative class actions brought by investors over Medical Capital Holdings Inc.'s alleged Ponzi scheme.

Judge W. Royal Furgeson of the U.S. District Court for the Northern District of Texas said BNY Mellon and Wells Fargo could intervene because any claim they may have against Securities America could be extinguished by a representative plaintiff seeking approval of the...
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