Ex-Arga Exec Told To Pay $42M For Ponzi-Related Losses

Law360, Los Angeles (January 16, 2014, 7:05 PM EST) -- A New York state appeals court ruled Thursday that an agricultural commodities trading company's ex-director owes a Dutch multinational banking services company $42 million lost in an alleged Ponzi scheme because he signed a personal guaranty over their business dealings.

Reversing a lower court's denial of Centrale Raiffeisen Boerenleenbank BA's motion for summary judgment in lieu of a complaint, the appeals court said in a split decision that Francisco Javier Herrera Navarro unconditionally waived all defenses when he signed the guarantor agreement.

The Dutch company, also...
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