Deal Between WexTrust Receiver, Much Shelist Wins Approval

Law360, New York (June 28, 2012, 6:56 PM EDT) -- A federal judge on Thursday approved a settlement that would provide investors in the WexTrust Capital LLC real estate Ponzi scheme — for which two men went to prison — with $7 million from Wextrust's former law firm Much Shelist PC, after rejecting a deal last year.

U.S. Circuit Judge Denny Chin said the agreement between Much Shelist and the receiver recovering money for investors was fair and reasonable. Much Shelist's insurers will fund most of the settlement.

Judge Chin, who is still presiding over the...
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