LCM backs claim against casino giants

Litigation Capital Management is backing an up to $70 million claim to be brought by Barry Wight and Jeremy Nipp of Cor Cordis in their capacity as liquidators of the i-Prosperity Group, one of Australia’s biggest Ponzi schemes, against casino giants Crown and The Star.

The claim will allege that Michael Gu, the man behind the scheme (who is now a fugitive), laundered millions in stolen investor funds through the casinos. The Victorian Federal Court has approved litigation funding for the lawsuit.

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