3rd Circ. Nixes $370M Bentley Fraud Accessory Suit

Law360, New York (January 6, 2010, 3:29 PM EST) -- A federal appeals court has let several financial firms off the hook in a receiver's fraud accessory case filed in the aftermath of the $370 million Bentley Financial Services Inc. Ponzi scheme, reversing a lower court's judgment in favor of the receiver.

The U.S. Court of Appeals for the Third Circuit on Monday vacated a district court’s denial of the defendants' post-trial motion for judgment as a matter of law and remanded the consolidated case with instructions to enter judgment in their favor.

“We agree with...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.