Law360, New York (January 6, 2012, 7:48 PM EST) -- A Minnesota federal judge on Friday approved a settlement by Avalon Capital Group Inc. in a suit brought by the receiver for construction lender Lakeland Construction Finance LLC seeking more than $67.5 million in allegedly fraudulent transfers made to Avalon.
Judge Michael J. Davis dismissed the case with prejudice on its merits and without costs to any party in his decision in Minnesota federal court. Terms of the agreement were not disclosed, and counsel for the firms was not immediately available for comment.
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.