Texas Ponzi Victims Can't Pursue Claims As Class

Law360, New York (September 10, 2010, 5:01 PM EDT) -- A federal judge has denied class certification to a group of investors pursuing aiding and abetting claims against trading companies and brokers who allegedly helped a Texas man operate a $70 million Ponzi scheme.

In a ruling Thursday, Judge Michael H. Schneider of the U.S. District Court for the Eastern District of Texas said each of the approximately 380 investors' claims against SLI Trade LLC, Rosenthal Collins Group LLC and several individual traders were sufficiently unique that a class action was not the appropriate vehicle for...
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