ANDERSON, S.C. - A federal Judge says a petition drive opposing a proposed $41.6 million civil settlement in the Carolina Investors Inc. bankruptcy case is "meaningless."

U.S. District Judge G. Ross Anderson said Monday that the petition drive by some investors who disagree with the proposed settlement is "meaningless." Anderson said he will consider objections to the proposal, but the objections must be filed in writing and follow federal law.

Circulating petitions is "not the way you do it," Anderson said.

Bankruptcy trustee Ralph McCullough told The Greenville News the individual amounts in the settlement will not be sent to Anderson for approval in order to abide by confidentiality rules of the mediation process.

McCullough also said Monday that the number of individual depositors who lost an estimated $278 million when the company failed now totals between 11,000 and 12,000. Earlier estimates were around 8,600 investors.

The number grew as his staff prepares to send creditors, including investors, a request for approval of the settlement, McCullough said. Some families had multiple accounts for children or grandchildren that were listed under one name, McCullough said.

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Information from: The Greenville News, http://www.greenvillenews.com/