Banks, Investors Settle For $9.75M In MBC Suit

Law360, New York (March 13, 2009, 12:00 AM EDT) -- A federal judge has granted final approval to a $9.75 million settlement between purchasers of viatical investments and three banks, including Citibank NA, that served as escrow agents for Mutual Benefits Corp., the insurance company accused of perpetrating a massive fraud that bilked investors of nearly $1 billion.

Calling the $9.75 million settlement fund “an excellent result,” Judge Federico A. Moreno of the U.S. District Court for the Southern District of Florida on Thursday signed off on an order granting final approval to the class action...
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