Richard E. Donahoo Named Liaison Counsel in PONZI case

On November 29, 2011 Hon. Elihu M. Berle named Orange County lawyer Richard E. Donahoo Plaintiffs’ Liaison Counsel in related cases involving Diversified Lending Group (“In Re DLG”) currently pending before Los Angeles Superior Court Civil Complex Division.

In the DLG cases, scores of investors have brought individual and class action claims against insurance companies and broker-dealers who allegedly aided and abetted DLG and its President, Bruce Friedman, in a $215 million PONZI scheme that resulted in a loss of millions of dollars for hundreds of investors.  Many of the investors are retirees.

There are 18 DLG-related cases filed in the Los Angeles Superior Court.  Defendants include Metlife, Inc., New England Life Insurance Co. and Jackson National Life Insurance.   Plaintiff firms include Donahoo & Associates; Foley, Bezek, Behle & Curtis, LLP.; Good, Wildman, Hegness and Walley, LLP.; Giradi & Keese; and others.

While litigation continues, several cases have already been resolved.  The court has already approved millions of dollars in settlements for many of our individual clients, and we look forward to continuing our work to recover damages on behalf of all of our clients.

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