See the July 10th filing with the SEC. The trust appears to be sitting on a large sum of money, with no firm distribution plan, based on a decision to stop payments in part by a construction defect lawsuit brought by a homeowner of one of the fix/flip projects completed and sold in 2022.
On July 3, 2024, the last signatory to a definitive settlement agreement (the “Settlement Agreement”) among Woodbridge Liquidation Trust (the “Trust”), Haight Brown & Bonesteel, LLP(“HBB”) and Ted Handel (“Handel”), executed such Settlement Agreement pursuant to which the Trust agreed to settle its pending claims against HBB and Handel in the case of
Goldberg v. Halloran & Sage LLP, et al., Case No. 19STCV42900 (Cal. Super. Ct., L.A. Ctny.) (the “Action”). In the Action, which commenced on December 2, 2019, the Trust asserted
claims against HBB and Handel for aiding and abetting securities and other fraud, aiding and abetting breach of fiduciary duty, negligent misrepresentations, professional negligence,
and aiding and abetting conversion.
Under the agreement, the Trust has agreed to dismiss its claims against HBB and Handel for a cash payment in the amount of $5,000,000. Such amount is expected to result in proceeds
to the Trust of approximately $3.3 million, net of attorneys’ fees and other litigation expenses. Payment of the settlement amount is due within 30 days after the execution of the
settlement agreement.
Here’s the link:
Lessons Learned from the Woodbridge Scam 