Magistrate Recommends Entering $2M Default Judgment For Elder Fraud, UCL Claims

Mealey's (November 23, 2021, 1:45 PM EST) -- SACRAMENTO, Calif. — A federal magistrate judge in California on Nov. 18 recommended approving a motion for default judgment, damages and attorney fees against a group of financial entities accused of using a “leveraged forward contract scheme” to defraud an elderly man and his wife in violation of California law, including the unfair competition law (UCL), after they failed to appear in the action....