Judge OKs $22M Settlement In 1031 Tax Group Suit

Law360, New York (June 29, 2011, 6:30 PM EDT) -- A California federal judge granted final approval Wednesday to settlements totaling $22 million in a consolidated suit against Citibank NA, Foley & Lardner LLP and others who allegedly helped Ponzi schemer Edward H. Okun plunder his firm The 1031 Tax Group LLC.

U.S. District Court Judge James Ware signed off on the agreement between the defendants and two classes of plaintiffs as well as the trustee for the 1031 Tax Group liquidation trust.

"The trustee, and I'm sure the class, are very pleased that the recovery...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.