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Three groups of investors bilked in the Gina Champion-Cain Ponzi scheme have agreed to settle lawsuits against Chicago Title for a combined $46.65 million, which equates to recovery of about 75 percent of their net losses.
The proposed settlements, which must be approved by a judge, were revealed in filings in San Diego federal court on Thursday. The agreements cover loss claims by 130 investors, or roughly a third of all those caught up in the $400 million fraudulent liquor license loan gambit.
Approval of the agreements is not a slam dunk. A court-appointed receiver, working to recover funds from insiders and others involved in the scheme, has objected to portions of the settlements. U.S. District Judge Larry Burns has scheduled a hearing on the matter on April 5.
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What started with a speculative run-up in shares of video-game retailer GameStop, driven by Reddit’s WallStreetBets day-trading community and GameStop’s subsequent crash has spread to other companies, most recently Canadian cannabis companies. Photo by Spencer Platt/Getty Images files
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While the Reddit-fuelled stock-market frenzy of recent weeks draws scrutiny from regulators and lawmakers, the managers of Canada’s largest pension fund are also watching closely to see what the so-called “meme stock” craze says about governments’ ability to support the economy through pandemic shocks without overheating it.
“Policymakers have been able to intervene with real significant force without having excessive negative impacts on economies,” said Geoffrey Rubin, the chief investment strategist at the Canada Pension Plan Investment Board, in an interview with
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