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David Rosenberg utilizing settlement cash to purchase shops

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A GPB spokesman in an announcement to Automotive Information confirmed the lawsuit had been settled however declined additional remark.

GPB and Rosenberg this month “agreed to a full and ultimate settlement of the pending litigation and arbitration of $30 million,” in line with the GPB-related submitting with the U.S. Securities and Change Fee.

“Upon full execution of the settlement, the events filed a joint stipulation, dismissing with prejudice the pending litigation in Massachusetts and withdrawing from” arbitration, the SEC submitting stated.

A stipulation hadn’t but been posted final week, in line with on-line courtroom data, which confirmed the case as remaining open.

GPB faces quite a few lawsuits and this yr was accused by the SEC of working a Ponzi-like scheme. GPB’s former CEO David Gentile and two others linked with GPB had been indicted in February on costs of securities fraud amongst different costs.

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