Multiple settlement conferences held last November failed to finalize a deal in which Eckert Seamans Cherin & Mellott could pay $45 million toward investors defrauded by cash advance company Par Funding, attorneys for a court-appointed receiver said at a federal court hearing Monday.
The Am Law 200 firm is embroiled in the legal proceedings surrounding Philadelphia-based Par Funding thanks to former Philadelphia partner John Pauciulo’s representation of insurance salesman Dean Vagnozzi, who raised millions of dollars for the company. Vagnozzi had accused the law firm of negligence in its oversight of Pauciulo as he conducted due diligence on Par before Vagnozzi decided to go into business with the company.
