Dreier Trustee Makes $1.5M Deal With Federal Insurance

Law360, New York (May 12, 2011, 12:34 PM EDT) -- The trustee overseeing the liquidation of imprisoned attorney Marc S. Dreier's former firm struck a $1.5 million settlement in New York bankruptcy court Thursday, ending an adversary proceeding with Federal Insurance Co.

Dreier pled guilty to securities and wire fraud in 2008. The founder and sole equity partner of Dreier LLP sold to an unnamed hedge fund various promissory notes purportedly issued by a real estate company with a face value of approximately $115 million, according to the U.S. Department of Justice.

Federal Insurance launched its...
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