Court Revives Suit Alleging Comerica Aided Ponzi Scheme

Law360, New York (August 28, 2012, 4:28 PM EDT) -- A California appeals court on Monday revived a fraud suit brought by several dozen individuals against Comerica Bank accusing the bank of purposefully aiding a multimillion-dollar Ponzi scheme, ruling that a lower court had wrongly dismissed their claims as time-barred.

In an unpublished decision, the appellate court overturned the lower court's decision, ruling that the plaintiffs, a group of more than 60 investors in the Four Star Financial Services LLC Ponzi scheme, couldn’t have known about Comerica’s alleged role in the scheme until it was revealed...
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