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Date: 10-06-2004
Case Style: Grimes, et al. v. Carolina Investors I, et al.
Case Number: 03-CV-1530
Judge: G. Ross Anderson
Court: United States District Court for the District of South Carolina, Anderson
Plaintiff's Attorney:
Christopher Gill Olson, Clemson, South Carolina
W. Grady Jordan of Olson Smith Jordan and Cox, Easley, South Carolina
John A Hagins, Jr. of Covington Patrick Hagins Stern and Lewis, Greenville, South Carolina
Defendant's Attorney:
Thomas Wooten Traxler and Sherman Brook Fowler of Carter Smith Merriam Rogers and Traxler, Greenville, South Carolina
Description:
Class action claims by investors in bankrupt Carolina Investors and its parent company, HomeGold Financial, for losses sustained by them as a result of securities fraud by the officers and directors of the defunct company. About 8,000 people lost almost $275 million invested in the company by them. Earle Morris, a former South Carolina lieutenant governor and the comptroller general of the company has been indicted on 23 counts of securities fraud for his involvement in the failure of the company.
Outcome: Settled for $42 million.
Plaintiff's Experts: Unknown
Defendant's Experts: Unknown
Comments: None