In a significant conclusion to legal proceedings, U.S. District Judge Rodolfo Ruiz has given final approval to a $38 million legal malpractice settlement involving law firm Eckert Seamans Cherin & Mellott. The settlement resolves litigation linked to the firm’s former partner, John Pauciulo, who was involved in advising Par Funding, a Philadelphia-based cash advance company embroiled in a sprawling fraud case.
The court-approved final settlement will result in approximately $31.75 million being distributed to investors defrauded by Par Funding, as overseen by a court-appointed receiver. This receiver is comprised of Ryan K. Stumphauzer and Timothy Kolaya of Stumphauzer Kolaya Nadler & Sloman, alongside Gaetan Alfano of Pietragallo Gordon Alfano Bosick & Raspanti. The remaining $6.25 million from the settlement will cater to attorney fees.
For further details on the case and its implications, more information is available through The Legal Intelligencer.