Deloitte, Sidley Face $131M Suit Over Aequitas Funds

Law360, Los Angeles (November 30, 2016, 10:50 PM EST) -- Sidley Austin LLP and Deloitte & Touche are facing another suit alleging they helped investment group Aequitas run a massive Ponzi scheme, as an Oregon suit seeking $131 million on behalf of nearly 200 investors was removed to federal court on Wednesday.

The 77-page complaint, originally filed in Multnomah County Superior Court in October, alleges that Sidley, Deloitte, Oregon law firm Tonkon Torp and Colorado commercial bank Integrity Bank & Trust should be held liable for the roughly $56 million that the plaintiffs invested in their client Aequitas Management LLC, whose loan receivables were tied up in the failed for-profit school,...

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