The End of National CenturyPosted on March 15, 2013 in Arizona Law Regarding Business and Real Estate
Just weeks before a scheduled trial, Credit Suisse has reached a $400 million settlement in litigation over the demise of National Century Financial Enterprises. The settlement resolves claims that bondholders were defrauded to the tune of $2 billion when National Century collapsed amid a health-care financing scandal in 2002 — and reportedly brings the bondholders’ total recovery in the case to $1 billion. That is about one half of the loss. 11 years ago, I was the first lawyer to file suit against the perpetrators, including Credit Suisse, in this Ponzi scheme. For a lawyer, being involved in this was like reaching the Super Bowl. We litigated this in Florida, Arizona, Washington DC, New York, Ohio and California. The bad guys went to jail, the lawyers made a bunch of money, the investors got back most of their money and I proved a solo practitioner can fight the big guys. We will be posting key pleadings on this web site soon. This part of the case was covered by Bloomberg.
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