According to a Wall Street Journal article dated April 2, 1996, New York Life Insurance Company agreed to fully reimburse the up to 28,000 investors for losses they suffered. The settlement involved about $400 million to cover the oil and gas, government mortgage and realty partnerships sold.

According to the complaint, this action is brought on behalf of tens of thousands of people throughout the United States who suffered substantial financial loss, in the tens of millions of dollars, as a result of the defendants' plan and scheme to defraud them into purchasing units representing interests in limited partnerships. The complaint alleges that the scheme was conceived of, carried out, and fraudulently concealed for over nine years by defendants.