NJ Firm Exits Suit Over $23M Cobalt Capital Fraud

Law360, New York (January 15, 2013, 10:53 PM EST) -- New Jersey law firm Lum Danzis Drasco & Positan LLC agreed to a $400,000 settlement Tuesday to resolve its share of a suit accusing it and other law firms of aiding a $23 million securities scam that landed Cobalt Capital Funding LLC's principals in prison.

In a motion for settlement approval filed in New York federal court, the Cobalt entities' receiver Anthony Paduano said the agreement sought to dismiss the claims against Lum Danzis with prejudice and that each party would bear its own attorneys’ fees....
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