$30M award in lawsuit against Neb. broker
Headline Legal News 2011/04/28 09:30
The decision came in a class-action lawsuit filed in 2007 by former clients of Rebecca Engle and Brian Schuster in U.S. District Court in Omaha. It accuses them of improperly selling risky investments.
The $30 million judgment was against Schuster, a former Nebraska football player, and some of his investment firms. It does not include Engle.
J.L. Spray, an attorney for the investors, said Tuesday that he was pleased with the judge's decision but "it leaves the question of how much of this we'll be able to collect."
Schuster, who has since moved to Vermillion, S.D., is representing himself in court. A number listed for him rang unanswered Tuesday.
Spray said the case against Engle has been put on hold pending her bankruptcy case in Arizona.
Schuster, 37, is scheduled to stand trial next month in state court on eight counts of security fraud. Engle, 57, has pleaded guilty to two counts and awaits sentencing. Several lawsuits and arbitration claims have been filed against them.