Gerova Financial Settles MDL Over Stillwater Deal

Law360, New York (February 6, 2014, 3:10 PM EST) -- A class of investors who claim that Stillwater Capital Partners and Gerova Financial Group Ltd. swindled them out of $100 million agreed to settle with the defendants, according to an order signed by a New York federal judge on Wednesday.

In 2009, the struggling Stillwater, unable to pay back its investors, agreed to be acquired by Gerova in a stock swap, but Gerova's demise led to said investors losing money on its unregistered shares. The settlement will distribute the remainder of the defendants' insurance policies, return...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.