BNY, Wells Fargo OK'd To Intervene In $21M Ponzi Deal

Law360, New York (March 7, 2011, 9:21 PM EST) -- The Bank of New York Mellon Corp. and Wells Fargo Bank NA on Monday won the right to intervene in Securities America Inc.'s proposed $21 million settlement related to putative class actions brought by investors over Medical Capital Holdings Inc.'s alleged Ponzi scheme.

Judge W. Royal Furgeson of the U.S. District Court for the Northern District of Texas said BNY Mellon and Wells Fargo could intervene because any claim they may have against Securities America could be extinguished by a representative plaintiff seeking approval of the...
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Case Information

Case Title

Jana McCoy et al v. Cullum & Burks Securities Inc et al


Case Number

3:11-cv-00191

Court

Texas Northern

Nature of Suit

Securities/Commodities

Judge

Royal Furgeson

Date Filed

January 31, 2011

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