Court OKs $22M Continental Deal In WG Trading Clawback

Law360, New York (August 1, 2011, 6:39 PM EDT) -- A federal judge in New York on Monday approved Continental Assurance Co.’s $22 million settlement with the receiver for WG Trading Co., after finding that the initial clawback truce gave short shrift to victims of the $7.6 billion Ponzi scheme.

U.S. District Judge George Daniels signed off on the settlement that requires Continental to hand over exactly half of the $43 million in Ponzi winnings it took from WG Trading, a fraudulent commodities trading and investment advisory business operated by Paul Greenwood and Stephen Walsh until...
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