Wilkie D. Ferguson Jr. Federal Courthouse. Credit: Lisa Willis/ALM/Take: June 12, 2023 Proposed Eckert Seamans $45M Settlement Remains in Limbo
A proposed deal that would help make the investors in Par Funding whole is unresolved after multiple settlement conferences. Meanwhile, Par's founders were hit with fresh federal charges last week.
March 04, 2024 at 03:16 PM
2 minute read
White Collar Crime
What You Need to Know
- Despite expectations of a settlement late last year, Eckert Seamans remains embroiled in the Par Funding litigation.
- The firm first became involved with Par when former Philadelphia partner John Pauciulo conducted due diligence on the business for a client; Pauciulo and the firm are being sued for malpractice related to that due diligence.
- At a hearing Monday, the receiver in charge of returning funds to Par's investors did not have a timeline for when a settlement would be approved and finalized.
Multiple settlement conferences held last November failed to finalize a deal in which Eckert Seamans Cherin & Mellott could pay $45 million toward investors defrauded by cash advance company Par Funding, attorneys for a court-appointed receiver said at a federal court hearing Monday.
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