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1031 Victims Sue Citibank, Foley, Others For $140M

Law360 (May 15, 2009, 12:00 AM EDT) -- Clients of The 1031 Tax Group LLC, a bankrupt exchange fund firm run by convicted Ponzi schemer Edward H. Okun, have launched a proposed class action to recover $140 million from Bank of America NA, Citibank NA, Foley & Lardner LLP and others for allegedly facilitating the scheme.

Seven plaintiffs filed suit in the U.S. District Court for the Northern District of California on Thursday on behalf of 330 investors who say they lost millions of dollars when Okun siphoned money from the exchange funds to...
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