Ferris Baker Watts Case 04/21/2008

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Company Name(s): 
Ferris Baker Watts
Case Name: 
Ferris Baker Watts Case 04/21/2008
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 

The Baltimore investment bank Ferris Baker Watts Inc. reached a settlement with the approximately 100 victim-shareholders for $ 16 million in a lawsuit over the negligent supervision of one of its brokers, who was operating a Ponzi scheme in which investors lost $28 million. The bank agreed to pay $ 7.2 million in cash and relinquish three million shares of Innotrac Corp, which could be worth $ 9 million.