Eckert Seamans Cherin & Mellott is inching closer to a $38 million universal settlement for its former partner’s role in counseling Par Funding, a Philadelphia-based cash advance company designated a Ponzi scheme that defrauded investors of hundreds of millions of dollars, after months of infighting among those looking to sue the firm took a toll upon its once $50 million insurance policy.
According to a status report filed Oct. 18 in Florida federal court, the court-appointed receiver, led by Ryan K. Stumphauzer and Timothy Kolaya of Stumphauzer Kolaya Nadler & Sloman and aided by Gaetan Alfano of Pietragallo Gordon Alfano Bosick & Raspanti, has reached a master settlement agreement as part of a larger goal to make investors whole, involving Eckert Seamans and three groups of objectors who blocked previous attempts to confirm a $45 million settlement with the firm.
