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$30M award in lawsuit against Neb. broker
Class Action |
2011/04/28 09:18
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A federal judge awarded $30 million Monday to more than 200 investors who claim they were defrauded by a pair of Nebraska City brokers.
The decision came in a class-action lawsuit filed in 2007 by former clients of Rebecca Engle and Brian Schuster in U.S. District Court in Omaha. It accuses them of improperly selling risky investments.
The $30 million judgment was against Schuster, a former Nebraska football player, and some of his investment firms. It does not include Engle.
J.L. Spray, an attorney for the investors, said Tuesday that he was pleased with the judge's decision but "it leaves the question of how much of this we'll be able to collect."
Schuster, who has since moved to Vermillion, S.D., is representing himself in court. A number listed for him rang unanswered Tuesday.
Spray said the case against Engle has been put on hold pending her bankruptcy case in Arizona.
Schuster, 37, is scheduled to stand trial next month in state court on eight counts of security fraud. Engle, 57, has pleaded guilty to two counts and awaits sentencing. Several lawsuits and arbitration claims have been filed against them. |
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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