Incentive Awards Nix $8M BofA Settlement In Ponzi Scheme

Law360, Los Angeles (September 19, 2013, 6:13 PM EDT) -- A California federal judge on Thursday delayed signing off on a proposed $8.2 million settlement of a class action alleging Bank of America Corp. facilitated a $20 million real estate investment Ponzi scheme targeting Latinos, saying he was concerned about whether the $5,000 incentive awards to class representatives were justified.

The settlement would cover the claims of about 600 class members who were allegedly victims of convicted con man Juan Rangel and his Financial Plus Investments Inc. company. The class action, which was filed in June...
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