Anita Hunter, Johnna Bozzo, Celltex Site Services, LTD, Grande Investment LLC, Quirk Infiniti Inc., Michael Whitton v. Citibank, N.A., Countrywide Bank, FSB, Bank of America Corp., United Western Bank, et al.
Published: Sep. 17, 2011 | Result Date: Jun. 29, 2011 | Filing Date: Jan. 1, 1900 |Case number: 5:2009-cv-02079 Settlement – $22,000,000
Court
USDC Northern
Attorneys
Plaintiff
Robert A. Curtis
(Foley, Bezek, Behle & Curtis LLP)
Robert L. Brace
(Law Office of Robert L. Brace)
Michael P. Denver
(Denver Law Group)
Thomas G. Foley Jr.
(Foley Bezek Behle & Curtis LLP)
Defendant
Lawrence A. Kellogg
(Levine, Kellogg, Lehman, Schneider & Grossman LLP)
Ethan D. Dettmer
(Gibson, Dunn & Crutcher LLP)
Jeffrey N. Labovitch
(Nicolaides, Fink, Thorpe & Michaelides, LLP)
William J. Goines
(Greenberg Traurig LLP)
Karen Rosenthal
(Office of the San Mateo County Counsel)
Eileen R. Ridley
(Foley & Lardner LLP)
Debra S. Sturmer
(Lerch Sturmer LLP)
Timothy J. Halloran
(Murphy, Pearson, Bradley & Feeney)
Jerome N. Lerch
(Lerch Sturmer LLP)
Facts
Edward Okun engaged in a Ponzi scheme to loot his own tax shelter, and was found guilty of stealing $132 million from various people in 2009. He was sentenced to 100 years in prison.
Contentions
PLAINTIFF'S CONTENTIONS:
Approximately 330 real estate owners and investors filed suit against Citibank NA, attorney firms, and other hard money lenders, alleging their association with Okun caused them to lose money. The class alleged they lost millions to entities controlled by Okun who handled property exchanges.
Damages
The class alleged $150 million in damages.
Result
The parties reached a settlement for $22 million. Prior settlements have resulted in a recovery for the class of exchangers in excess of $128 million.
For reprint rights or to order a copy of your photo:
Email
jeremy@reprintpros.com
for prices.
Direct dial: 949-702-5390