September 15, 1992 |
A federal judge in Tucson approved an initial payout Monday of $70 million to small investors in the civil securities fraud and racketeering case against Charles H. Keating Jr., his aides and professional advisers. Small investors, who won settlements as well as a jury award, can expect to begin receiving their share of the first distribution of money within a month, said Ronald Rus of Orange, one of the investors' lawyers. U.S. District Judge Richard M.
September 10, 1992 |
Nearly 100 small investors never joined the class-action lawsuits filed by attorneys for thousands who lost money in the collapse of Charles H. Keating Jr.'s financial empire. Now they're glad they stayed out. The investors, who filed a conventional lawsuit, stand to recover 85% of their money--well ahead of the 40 cents on the dollar that 23,000 other bondholders will receive from the class-action suits.
September 4, 1992 |
The son of convicted securities defrauder Charles H. Keating Jr. has agreed to settle regulators' claims against him by paying $30 million for losses at Irvine's failed Lincoln Savings & Loan, but it's unlikely that regulators will recover any of that money. The Office of Thrift Supervision said Thursday that the restitution settlement with Charles H. Keating III is aimed at recovering any money that might be hidden away and transferred to him at a later date.
September 2, 1992 |
Lawyers who represented small investors in litigation involving Charles H. Keating Jr.'s failed financial empire are headed for a major court battle over how to split up $38 million in attorney fees. The initial money for legal bills is expected to be released this month, along with nearly $101 million for investors in Keating's American Continental Corp., the Phoenix company that owned Irvine-based Lincoln Savings & Loan.
August 25, 1992 |
Robert M. Wurzelbacher Jr., son-in-law of convicted thrift operator Charles H. Keating Jr., agreed not to violate securities law in the future as part of his settlement with the Securities and Exchange Commission, the federal agency said Monday. Wurzelbacher is the fourth of 10 executives and Keating business associates sued by the SEC last December to settle allegations of fraudulently inflating profits at American Continental Corp. and its Lincoln Savings & Loan subsidiary.
August 14, 1992 |
Lawyers for small investors who won a multibillion-dollar verdict last month against Charles H. Keating Jr. and some of his cohorts aren't sure yet if they'll be able to collect the judgment. Joseph W. Cotchett Jr., the chief trial lawyer for the investors, said Thursday that appeals of the multibillion-dollar federal court verdict last month will delay any recovery of the total $288.7 million that his clients lost after Keating's financial empire collapsed in April, 1989.
July 10, 1992 |
Deliberations in Charles Keating Jr.'s civil fraud trial continued for a sixth day Wednesday as jurors considered what damages to assess the former Phoenix financier and whether to find three co-defendants liable for damages. The 11 jurors began weighing the evidence June 29, three days after the 3 1/2-month trial concluded, and deliberated for three days last week. They went home Wednesday without reaching a verdict. Several written questions have been passed to U.S.