Smith Gambrell To Pay $11M To Settle Ponzi Negligence Case

Law360, New York (April 25, 2012, 6:50 PM EDT) -- A Georgia federal judge on Monday dismissed a suit alleging Smith Gambrell & Russell LLP broke agreements and failed to detect a $100 million Ponzi scheme at International Management Associates LLC as the law firm agreed to pay IMA's bankruptcy estate $10.75 million to settle the case.

U.S. District Judge Julie E. Carnes formally dismissed the case with prejudice after bankruptcy trustee William F. Perkins and SGR said earlier this year that they had reached a settlement calling for the firm to pay $10.75 million without...
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