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Cooley Secures Win for Chicago Title in $400 Million Ponzi Scheme Case

San Diego – March 8, 2022 – Cooley secured a victory for Chicago Title in ongoing litigation arising from the largest Ponzi scheme in San Diego history. US District Judge Larry Burns of the US District Court for the Southern District of California will allow Chicago Title to sue ANI Development, the primary perpetrator of the Ponzi scheme, lifting a litigation stay put in place when ANI was placed into a federal receivership. Partners Steve Strauss, Megan Donohue and Mazda Antia are leading the Cooley team representing Chicago Title.

The investors in the Ponzi scheme and the federal receiver both have sued Chicago Title, alleging that the company was complicit in a $400 million scheme to defraud investors.

The ruling by Judge Burns allows Chicago Title to bring cross-claims against ANI and join ANI as a defendant in the investor suits. Chicago Title also can pursue equitable indemnity for any liability it may incur at trial.

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Related Contacts
Steve Strauss  Partner San Diego
Megan Donohue  Partner San Diego
Mazda Antia  Partner San Diego, Los Angeles