U.S. Federal Court South Florida District.
A federal judge has approved a $13.3 million settlement between a court-appointed receiver overseeing properties at the center of the largest alleged fraud case in the state’s history and a bank for one of the accused developers.
“The Settlement Agreement was entered into in good faith, is at arm’s length, and is not collusive,” Judge Darrin P. Gayles wrote Tuesday.
Gayles accepted the proposed deal Tuesday. Citibank and Michael Goldberg, the court appointed receiver, reached the agreement in August.
“The Receiver has a present and immediate need for the funds he is receiving pursuant to the settlement so as to preserve and maximize the value of the assets in the Receivership Entities for the benefit of their investors and other creditors and stakeholders,” Gayles wrote in the court order.
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