On November 29, 2011 Orange County lawyer Richard E. Donahoo was named Plaintiffs’ Liaison Counsel in related cases involving Diversified Lending Group (“In Re DLG”) currently pending before Los Angeles Superior Court Civil Complex Division.
In the DLG cases, scores of investors have brought individual and class action claims against insurance companies and broker-dealers who allegedly aided and abetted DLG and its President, Bruce Friedman, in a $215 million PONZI scheme that resulted in a loss of millions of dollars for hundreds of investors. Many of the investors are retirees. There are 18 related cases filed in the Los Angeles Superior Court. Defendants include Metlife, Inc., New England Life Insurance Co. and Jackson National Life Insurance.
Several cases have already been resolved. “While the court has already approved millions of dollars of individual settlements, our work is not complete and we look forward to continuing our work with our co-counsel to recover damages on behalf of all of our clients” said Donahoo. Donahoo & Associates (www.donahoo.com) is jointly prosecuting its actions with the law firms of Foley, Bezek, Behle & Curtis, LLP. (www.foleybezek.com) and Good, Wildman, Hegness and Walley, LLP (www.goodwildman.com).