The Hollywood investment dreams for some North Shore residents may end better than they began after they say they lost tens of millions of dollars to a big marquee film producer.
Court filings on Tuesday show the investors have agreed to a $60 million settlement in their lawsuit against Jason Cloth, a prominent producer and Sanford Schmidt, a metro Chicago investment advisor, who they accused of cheating them in the investment swindle.
ABC7 Chicago is now streaming 24/7. Click here to watch
The settlement agreement only pertains to defendant Schmidt, as the case against Cloth continues to move forward, attorneys representing the investors told the ABC 7 I-Team.
Investors describe it as a “Hollywood hoax:” Cloth allegedly claimed their tens of millions were going to bankroll big name films including “Joker,” “Babylon” and an upcoming “Mission Impossible.”
But the investors have alleged in court filings that their money ended up gone with the wind.
The I-Team first reported on the proposed class action lawsuit in March.