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One-third of lawsuits against Lou Pearlman victims to be dropped

The trustee in Lou Pearlman's bankruptcy case plans to drop more than one-third of the controversial lawsuits that seek to retrieve money from apparent victims of Pearlman's Ponzi scheme, according to an Orlando Sentinel report. U.S. Trustee Soneet Kapila has agreed to withdraw more than 230 of his nearly 700 "clawback" suits as part of a settlement negotiated with lawyers for some of the individual investors taken in by Pearlman, an attorney for Kapila said during a hearing in U.S. Bankruptcy Court in Orlando. Kapila was seeking to recover, or "claw back," some of the $300 million that investors poured into the former boy-band promoter's investments. Some victims, however, argued that the suits unfairly targeted those who never profited from Pearlman's fraud but, in fact, had lost much or all of their principal investment.

One-third of lawsuits against Lou Pearlman victims to be dropped 08/14/09 [Last modified: Friday, August 14, 2009 4:18pm]
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