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DBSI Private Actions Trust Litigation

James R. Zazzali, Trustee for the DBSI Private Actions Trust v. Brewer Financial Services, LLC et al.

United States District Court for the District of Idaho

United States District Court for the District of Delaware

Summary:

After the November 2008 bankruptcy filing of nearly 100 Diversified Business Services & Investments, Inc. (“DBSI”) entities, creditors and equity holders of DBSI assigned certain causes of actions against securities brokers and dealers to the Private Actions Trust (“PAT”) pursuant to the Second Amended Joint Chapter 11 Plan of Liquidation. Generally, Zazzali alleged that the assignors were investors of DBSI that acquired securities in the DBSI entities from one or more of the defendants named in the action (securities brokers, registered representatives or control persons of the brokers) that allegedly facilitated the sale of DBSI securities that turned out to be part of a fraudulent Ponzi scheme. Causes of action included: (1) violations of § 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and SEC Rule 10b-5 thereunder, (2) violations of § 20(a) of the Exchange Act, (3) breaches of contract, (4) common law fraud, (5) negligence and (6) breach of fiduciary duties.

Representation:

  • More than 30 individual registered representatives, an investment adviser and broker-dealer

Outcome:

Dismissal with prejudice of more than half of representative defendants with remaining strategically positioned for nominal settlements (compared to claimed damages)

Sample Case Files:

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