McLaughlin & Stern Reaches $27.5 Million Settlement in Ponzi Scheme Litigation
New York, NY — McLaughlin & Stern, LLP is pleased to announce a $27.5 million settlement in a class action on behalf of investors in Lancelot Investors Fund, Ltd. (“Lancelot Fund”), a feeder fund used by Thomas Petters to orchestrate a $3.65 billion Ponzi scheme. Plaintiffs in the action alleged that Lancelot Fund’s auditors issued materially false and misleading audit reports that were relied upon by Lancelot Fund investors.
The Court has scheduled a fairness hearing on August 3, 2018 to consider final approval of the settlement, counsels’ request for attorneys’ fees and expenses, and other settlement-related issues. A comprehensive notice setting forth the date for the fairness hearing and the procedures for Lancelot Fund investors to participate in the settlement was mailed on May 7, 2018.
Jason S. Giaimo is an associate in the Litigation Department of McLaughlin & Stern, LLP, a full-service law firm founded in 1898. Mr. Giaimo concentrates his practice in complex commercial and employment litigation, including prosecuting and defending wage and hour actions, securities class actions, and mutual and hedge fund actions.