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Bennett Funding Group Securities Litigation
MDL No. 1153 (JES); 96-Civ-2583 (JES); 97-Civ-2199
(JES); 97-Civ-1246 (JES)
(United States District Court for the Southern District of New York)
The largest Ponzi fraud in history, this securities
fraud class action has been filed
on behalf of all persons and entities who purchased or otherwise acquired
hundreds of millions of dollars of unregistered securities from the Bennett Funding Group,
Inc. in the form of equipment leases, promissory notes and certain other securities.
Previous settlements of $125 million and $14 million with Generali Insurance and Mahoney Cohen
(a Bennett auditor) respectively, have already been obtained and distributed by the Bennett bankruptcy estate.
On January 29, 2003, the District Court granted its Preliminary Approval of a settlement between the
Plaintiffs and Sphere Drake Insurance plc, et al. for $27.5 million in cash plus accrued interest since
October 6, 2000. In order to
be eligible to share in the settlement benefits, class members must have submitted
a completed and signed proof of claim form, post marked on or before April 25, 2003.
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