Bondholder Class Action: Settlements reached regarding alleged Ponzi scheme
Motley Rice is pleased to announce that the plaintiffs in the class action lawsuit Kellerman v. Marion Bass Securities Corp. have reached settlement agreements totaling $525,000 with three defendants – Fifth Third Bank, Blue & Company, LLC and Gilmore & Bell, P.C.
The lawsuit concerns tax-free revenue bonds that were sold between February 1, 1996, and December 11, 1998, to build 11 nursing homes in Lawrence, Indiana; Gillett, Manitowoc, Princeton, and Wautoma, Wisconsin; and Bangor, Redford, and Riverview, Michigan. The plaintiffs allege that the funds raised were misdirected in a Ponzi scheme. The plaintiffs will continue to pursue bondholders’ claims against a fourth defendant, Wells Fargo, N.A.
Persons who purchased (or otherwise acquired) these bonds may be eligible to participate in the settlements, and any further recovery in the ongoing litigation, and should carefully review the Notice of Settlement available at www.kellermanmunicipalbondsettlement.com to learn about their rights.
A Fairness Hearing will be held on May 28, 2015, at 1:30 p.m., in the courtroom of the Honorable Barbara Crowder in the Circuit Court of the Third Judicial Circuit, Madison County, Illinois, to consider whether the settlements are fair, reasonable and adequate, and whether to grant final approval to the settlements.
Motley Rice serves as Class Counsel in this case. For more information about the settlements and the rights of class members, call 1-800-565-3126 or contact Motley Rice attorneys Fred Thompson or William Norton.