Giacchetto's legal battles end
EmptyDisgraced Hollywood money manager Dana Giacchetto, whose Cassandra Group courted celebrity clients including Tobey Maguire, Cameron Diaz and Courteney Cox, has agreed to relinquish rights to movie or TV projects from a book about the case.
Bryan Cave attorney Bob Wolf, working with bankruptcy trustee Robert Geltzer, announced the agreement Friday. Filed in U.S. Bankruptcy Court in New York, the settlement also addresses outstanding bankruptcy claims of more than $3 million.
Previously recovered claims exceeded $6.9 million, Wolf said.
For the most part, the final settlement in the seven-year-plus dispute will benefit noncelebrity clients. Giacchetto was accused of manipulating client funds to benefit celebrity clients.
The unwitting celebs ultimately returned the disputed proceeds. Giacchetto pleaded guilty to federal fraud charges in 2000 and was released from jail in 2003 after serving about 30 months.
"Hopefully, the settlement will bring some closure to a very painful and disturbing chapter in the lives of many innocent and unknowing people," Wolf said. "It will enable the trustee to make further distributions to Cassandra creditors and other claimants."
Emily White, author of the recently published "You Will Make Money in Your Sleep: The Story of Dana Giacchetto, Financial Adviser to the Stars," has agreed to split evenly with the trustee all proceeds from the book or associated projects, Wolf said.