Wednesday, November 22, 2017
Business

Holland & Knight agrees to settle ties to Ponzi schemer Art Nadel for $25 million

RECOMMENDED READING


The law firm Holland & Knight said it will pay $25 million to settle claims related to its representing hedge funds controlled by Art Nadel, the Sarasota Ponzi schemer known as the "mini-Madoff."

Nadel, found guilty of defrauding investors of $168 million, died in prison in April at age 80. The settlement is expected to end a lawsuit filed two years ago seeking close to $170 million against Holland & Knight, alleging malpractice and complicity in Nadel's activities. The suit was brought by court appointed receiver Burt Wiand and his legal team at Tampa law firm Wiand Guerra King. Representing Wiand in the case was Guy M. Burns of Johnson Pope Bokor Ruppel and Burns, LLP.

Holland & Knight general counsel Michael Chapman issued a statement Tuesday saying the settlement represents a compromise by the firm that "reflects its consideration of various factors, including the substantial costs and investment of firm resources required to continue the litigation involving the funds."

The settlement, once approved by the U.S. District Court for the Middle District of Florida, will pay $25 million to the receivership estate in exchange for a broad release of claims. Just over $18 million of that sum is to be distributed to investors in the Nadel hedge funds.

Comments
Across country, small retailers aim for emotional ties big chains may lack

Across country, small retailers aim for emotional ties big chains may lack

Associated PressSome smaller retailers will tug at shoppers’ heartstrings during the holidays, trying to create an emotional experience or connection that a big national chain might not provide.Store owners are going well beyond the usual holiday dec...
Updated: 3 hours ago
Six years and counting: Allegiant Air reaches agreement with flight attendants

Six years and counting: Allegiant Air reaches agreement with flight attendants

ST. PETERSBURG — After six years of negotiations, Las Vegas-based Allegiant Air and its flight attendants union reached a tentative contract to improve worker pay and benefits and solidify airline policies."We feel like it’s an agreement that is cert...
Updated: 4 hours ago
Workers at luxury St. Pete condo tower say they are owed thousands

Workers at luxury St. Pete condo tower say they are owed thousands

ST. PETERSBURG — Nearly three dozen workers at ONE St. Petersburg, a luxury condo tower under construction in the heart of downtown, haven’t been paid in weeks and are owed thousands of dollars.With the holidays nearing, some of the men say they are ...
Updated: 5 hours ago
Some cities faced with all-or-nothing medical marijuana rules are playing it safe

Some cities faced with all-or-nothing medical marijuana rules are playing it safe

When it comes to weighing the options for regulating medical marijuana through the law passed this year, Dunedin city commissioners declared local governments face a "conundrum" and "a false dilemma."They said they would welcome a dispensary in the c...
Updated: 7 hours ago
More guns being detected at Tampa Bay area airports — and everywhere else

More guns being detected at Tampa Bay area airports — and everywhere else

TAMPA — Here’s some travel math for this traditionally heavy day for long trips: More people carrying guns plus more people flying equals more guns going to the airport.The numbers bear this out. The federal Transportation Security Administration has...
Updated: 9 hours ago
A year after impasse, Pasco school contract talks run more smoothly

A year after impasse, Pasco school contract talks run more smoothly

LAND O’LAKES — Representatives from the Pasco County school district and the United School Employees of Pasco sat together several times in the weeks leading to Thanksgiving break, trading contract proposals amid (mostly) amicable conversation.They c...
Updated: 9 hours ago

Florida Supreme Court suspends two Hillsborough lawyers

Times Staff WriterTwo Hillsborough County lawyers have been suspended from practice because of professional misconduct.The Florida Supreme Court ordered a 91-day suspension for Richard Luther Bradford of Brandon after he was found in contempt for fai...
Updated: 10 hours ago
Get all the Black Friday sales circulars today. Here’s how

Get all the Black Friday sales circulars today. Here’s how

The Tampa Bay Times Thanksgiving Early Bird edition, with all of the Black Friday ads and sales circulars, is available today.That’s right. You don’t have to wait until Thursday to check out the savings. Weighing nearly five pounds, the Early Bird Ed...
Published: 11/22/17
U.S. business leaders say Cuba is still open, at least to them, despite Trump’s new rules

U.S. business leaders say Cuba is still open, at least to them, despite Trump’s new rules

WASHINGTON — When the Trump administration announced new Cuba regulations, it sparked a new round of hand-wringing in Washington over a return to a posture not seen since the Cold War. But now, the American business community is quietly spreading the...
Published: 11/22/17
Here’s when stores will open on Thanksgiving and Black Friday

Here’s when stores will open on Thanksgiving and Black Friday

Although the crowds might still be unruly and the lines long, Black Friday as "The Day" is slowly waning. Steve Kirn, a University of Florida professor and executive director for the David F. Miller Center for Retailing Education & Research, said the...
Updated: 5 hours ago