Attorneys divvy up $25M from Raymond James settlement

Attorneys for investors in an alleged “Ponzi-like” scheme to fund development projects in Vermont’s Northeast Kingdom have agreed on how to split up $25 million in settlement proceeds to pay for their work.

Now, they are asking a federal judge to approve their plan.

A group of lawyers who brought a proposed class-action lawsuit against the project developers and the financial services firm Raymond James and Associates Inc. is seeking the lion’s share of the money, a little more than $19 million.

“By undertaking to represent investors in a complex and sophisticated case such as this one, counsel assumed a substantial financial risk,” Tucker Ronzetti, one of the attorneys in the class-action litigation, wrote in a court filing submitted this week.

“Counsel took on a corporate defendant with vast resources necessary to withstand a lengthy legal battle.”

Read more: https://vtdigger.org/2017/06/14/attorneys-divvy-up-25m-from-raymond-james-settlement/