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...
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Case Information

Case Title

In re Commercial Money Center, Inc., Equipment Lease Litigation


Case Number

1:02-cv-16000

Court

Ohio Northern

Nature of Suit

Contract: Other

Judge

James G. Carr (MDL 1490)

Date Filed

October 28, 2002

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