Beam Financial Users Sue After Months Of Withdrawal Delays

Law360 (November 12, 2020, 6:53 PM EST) -- Fintech company Beam Financial is facing a proposed class action alleging that the company offered to pay prospective customers unusually high interest rates and then inexplicably locked their funds away.

In a complaint filed in San Francisco federal court on Wednesday, plaintiff Frederick Chang claimed that he and other members of the putative class were missing thousands of dollars they deposited with Beam Financial.

"Concerned by Beam's failure to return his money, plaintiff has repeatedly requested information about the status of his withdrawal. Beam has admitted fault but offers no assurances that plaintiff or class members will receive their money any...

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