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CMC Ponzi Suits Sent To Trial After Decade Of Litigation

Law360, Washington (November 23, 2011, 8:17 PM EST) -- An Ohio federal judge on Wednesday ordered expeditious trials for all but one suit in the Commercial Money Center Inc. equipment lease litigation brought by a group of banks over insurer-issued bonds tied to an alleged Ponzi scheme.

The case dates back nearly a decade to when the now-defunct Escondido, Calif.-based CMC leased vehicles and equipment to subprime lessees and then pooled and sold the leases to investors. Royal Indemnity Co., Safeco Insurance Co. and others issued lease bonds on some of these securitizations in a bid by CMC to make the leases more attractive to investors, according to court documents....

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Case Information

Case Title

Subscribers Only

Case Number

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Ohio Northern

Nature of Suit

Contract: Other


Subscribers Only

Date Filed

October 28, 2002

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