Lancer Group Receiver, Citco Group Reach $5M Settlement

Law360, New York (August 31, 2011, 10:06 PM EDT) -- The receiver seeking to recover from the alleged $200 million Lancer Management Group LLC investment fraud reached a $5 million settlement Wednesday with The Citco Group Ltd. and related entities over money they received from the scheme.

Marty Steinberg, the receiver for Lancer Management, Lancer Offshore Inc. and The OmniFund Ltd., among other funds, filed a motion to approve a stipulation of settlement with Citco, Citco Acceptance Corp., Citco Fund Services U.S.A. Inc., Inter Caribbean Services Ltd. and several individual defendants as he continues to close...
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