$50M Final Judgment Settles MRT Securities Suit

$50M Final Judgment Settles MRT Securities Suit - 8/11/2009

Home

Index of Filings

News and Press Releases

Filings

Decisions

Settlements

Litigation Activity Indices

Top Ten List

Annual/Quarterly Updates

Clearinghouse Research

Articles & Papers

Search

Related Sites

About Us

Local Rules

Sponsors

Register

_______________
Copyright © 2001
Stanford Law School

2009 News and Press Releases

SEARCH

News	News 2009
HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

SETTLEMENT NEWS:

$50M Final Judgment Settles MRT Securities Suit
Tina Peng

Securities Law 360. August 11, 2009
_________________________________________________________________________

EXCERPT: Plaintiffs representing a class of investors who claim they were victimized in a Ponzi scheme related to foreign currency trading have reached a settlement with MRT Holdings LLC for the entry of a final judgment of $50 million. In a motion filed Monday in the U.S. District Court for the Southern District of Florida, the plaintiffs said the class representatives had reached a settlement under which the defendants have agreed to the final judgment's entry; cooperation to help locate the missing money, including turning over business records; and the opening of supplemental proceedings to allow for suit against third parties who received millions of dollars “believed to be fraudulently transferred.” The settlement obtains the judgment as well as the defendants' cooperation in locating the missing money, the motion said. Cooperating parties will obtain a credit of 20 cents of each dollar collected against the final judgment. The class comprises all purchasers who bought investment contracts with MRT LLC or MRT Holdings LLC between March 1, 2006, and Oct 5, 2007. It could contain 600 to 1,200 members, according to the plaintiffs. And if the ultimate accounting shows less than $50 million invested in the scheme, the plaintiffs will ask the court to reduce the judgment to the lesser amount, the motion said. Estimates range from $15 million to $50 million, according to Jeffrey Sonn of Sonn & Erez PLC, which represents the plaintiffs. He said the defendants' records would help plaintiffs locate third parties that may have received the fraudulent transfers and bring suit against them to recover the money. “It's the best thing we could hope for,” he said. Plaintiffs' counsel will request a contingency fee of 25 percent of the final judgment collected, plus costs up to $2,000 with interest, the motion said.

Back to News page | Back to Archived News 2009 page | Back to Top

�