Ponzi Investors Want Class Cert. In Suit Against Comerica

By Rick Archer (April 19, 2021, 8:44 PM EDT) -- A group of investors in the Woodbridge Group Ponzi scheme are asking a California federal judge to certify them as a class in a suit against Comerica Bank, which they say aided Woodbridge's fraud by ignoring "hundreds" of red flags of criminal activity.

In a complaint filed Friday the investors accused Comerica of aiding and abetting the Woodbridge scheme by ignoring Woodbridge principal Robert Shapiro's history of fraud, notice of investigations by regulators and alerts thrown up by its own fraud detection system in order to hang on to the nearly $1.7 billion in business the scheme brought to the bank....

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