Wells Fargo, BDO Seidman Settle Le-Nature's Suits for $130 Million
OCT 12, 2011 - 9:34 am
Bloomberg reported Wells Fargo’s Wachovia Capital Markets unit and BDO Seidman settled lawsuits over their roles in the collapse of Le-Nature’s for $130 million.
U.S. Bankruptcy Judge Thomas P. Agresti approved one piece of the settlement on September 30 at a hearing in Pittsburgh. Under that deal, Wells Fargo and BDO would pay $50 million to a trustee for creditors of Le-Nature’s, whose chief executive officer pleaded guilty to fraud in June.
A group of Le-Nature’s lenders will receive $56 million and the California Public Employees ‘ Retirement System will receive $24 million under another part of the settlement, according to court documents filed in the Le-Nature’s bankruptcy case in Pittsburgh. The lenders and CALPERS sued Wachovia and auditor BDO Seidman in New York state court.
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