Davis Wright $4.5 Million Settlement Gets Magistrate’s Approval

Davis Wright Tremaine LLP’s proposed $4.5 million settlement of claims that the company aided a real estate investment scheme should get the court’s greenlight, a federal magistrate judge said.

The settlement represents more than 15% of the total $25.3 million damages plaintiffs seek in this case and should be approved by the court, said Magistrate Judge Jeff Armistead’s report in US District Court for the District of Oregon.

The alleged scheme involved Oregon investors buying purported real estate securities from American Equities Inc, which commingled the investors’ money with company funds to hide losses, pay loans, and provide ...