Dreier Trustee Settles Ponzi Claims For $40M

Law360, New York (August 29, 2011, 7:15 PM EDT) -- Dreier LLP's trustee on Thursday asked a federal bankruptcy court to back a settlement valued at more than $40 million with telecom company 360 Networks (USA) Inc., which was a victim of convicted ex-attorney Marc Dreier's Ponzi scheme.

The proposed settlement would require 360 Networks to pay trustee Sheila M. Gowan $2.9 million and nix its claim against the firm. Meanwhile, another claim against the firm related to Dreier's Ponzi scheme was chopped nearly in half to $45.1 million from $87.5 million.

The deal is the...
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