The court-appointed receiver aiming to claw back funds for investors defrauded by Philadelphia-based cash advance company Par Funding asked a Florida federal judge Monday to approve a $45 million settlement with Eckert Seamans Cherin & Mellott, in spite of anticipated objections from two sets of parties allegedly implicated in the company’s scheme.
According to a motion submitted to U.S. District Judge Rodolfo Ruiz of the Southern District of Florida, the proposed settlement would max out Eckert Seamans’ insurance limits and ultimately net about $37 million for defrauded investors, while freeing the firm from several class action suits stemming from a former partner’s representation of Par.
