6th Circ. Backs $36M Award In RE Investment RICO Suit

Law360, New York (June 14, 2013, 5:13 PM EDT) -- The Sixth Circuit on Thursday affirmed a $36 million damages award against fallen Tennessee businessman Michael Ross and others involved in an allegedly fraudulent real estate scheme that misused investor funds and inflated the value of a luxury retirement community Ross developed.

A three-judge panel affirmed a lower court’s default judgment against Ross and the other defendants for failing to comply with certain discovery orders in a case brought by investor Robert Stooksbury, who claimed he had unknowingly invested in Ross’ allegedly fraudulent real estate firm...
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