KeyBank

A class action lawsuit was filed against the bank for allegedly being aware of a fraudulent investment scheme that bilked hundreds of people out of millions of dollars. Over 500 investors are part of the class who gave money to financial adviser Eric Bartoli. "He created the Cyprus Fund and promised high yields in conservative stocks. Bartoli and his directors raised more than $65 million between 1995 and 1999. In a classic pyramid scheme, early investors were paid with money collected from later clients. Clients received $31 million in returns on their investments, but the Cyprus Fund kept the other $34 million, said FBI and IRS officials." KeyBank has agreed to award investors a $4.5 million class action settlement. (Oct-12-05) [THE PLAIN DEALER]