1031 Tax Group Clients Lose Bid For Class Cert.

Law360, New York (July 13, 2011, 1:21 PM EDT) -- Two groups of clients of The 1031 Tax Group LLC on Tuesday lost their bid for class certification in a consolidated suit in California over the $126 million Ponzi scheme that pushed the exchange firm into bankruptcy.

U.S. District Court Judge James Ware found that the proposed class was both under- and overinclusive, and that the plaintiffs had failed to establish that issues common to the class predominated over issues affecting only individual members.

The consolidated case, which also includes a suit lodged by the trustee...
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