Ex-Acorn Capital Head Reaches $3M Deal In Ponzi Feeder Suit

Law360, New York (September 30, 2013, 7:04 PM EDT) -- The former president of Acorn Capital Group LLC has agreed to a settlement worth more than $3 million to exit a class action claiming he was partially responsible for the company's alleged funding of Thomas J. Petters' multibillion-dollar Ponzi scheme, according to documents filed Monday.

Paul Seidenwar has consented to a deal assigning an insurance policy from himself to the class, to stipulate to a $3.075 million judgment and to give the class the right to seek coverage under the insurance policy as a means of...
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