Commonwealth To Pay $11M To Settle LandAmerica Ponzi Suit

Law360, Los Angeles (July 5, 2012, 9:23 PM EDT) -- A California federal judge on Thursday preliminarily approved an $11 million class settlement of claims that Commonwealth Land Title Co. and others defrauded nearly 400 investors by helping now-bankrupt LandAmerica Financial Group Inc. orchestrate a Ponzi scheme that cost the investors $191 million.

U.S. District Judge Jeffrey S. White signed off on the deal Thursday, a move that will help trigger an additional $36.8 million payment to the 383 class members in a related bankruptcy settlement, according to court filings.

If Thursday’s settlement passes final approval,...
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