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.

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