New Trial Order Upheld In BNY Ponzi Scheme Case

Law360, New York (February 26, 2008, 12:00 AM EST) -- The Bank of New York Trust Co. NA will get a new trial in a case involving the collapse of an alleged Ponzi scheme, now that a California appeals court has upheld a ruling that the jury's $15 million verdict in favor of investors was excessive.

The subsidiary of Bank of New York persuaded the First District Court of Appeal of California that the state supreme court in Marin County, which ordered a second trial after finding the investors' evidence speculative, had ruled correctly.

The investors...
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