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In Re: Telexfree Securities Litigation

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Case overview

Case Number:

4:14-md-02566

Court:

Massachusetts

Nature of Suit:

Contract: Other

Multi Party Litigation:

Class Action, Multi-district Litigation

Judge:

Nathaniel M. Gorton

Firms

Companies

Sectors & Industries:

  1. April 05, 2023

    BofA Wants To End TelexFree Ponzi Scheme MDL Claims

    Bank of America has asked a Massachusetts federal judge to give it an early win on the aiding and abetting allegation it faces in sprawling multidistrict litigation arising from the global TelexFree Ponzi scheme.

  2. January 03, 2023

    BofA Can't Ditch TelexFree Ponzi Scheme MDL Claims

    A Massachusetts federal judge refused Tuesday to reconsider his decision denying Bank of America's bid to toss claims it aided the global TelexFree Ponzi scheme, but agreed to trim claims against a bank senior vice president who opened and quickly closed a TelexFree account.

  3. November 09, 2022

    2 I-Payout Officers Seek Way Out Of TelexFree Ponzi Suit

    Two officers of International Payout Systems Inc. have asked a Massachusetts federal judge to toss claims against them over their alleged involvement in the TelexFree Ponzi scheme, arguing the plaintiffs' claims not only fail to state a cause of action but were filed well past the applicable four-year statute of limitations.

  4. October 25, 2022

    PNC Bank Urges Judge To Leave It Out Of TelexFree Suit

    PNC Bank asked a federal judge Tuesday not to reconsider his decision to drop it as a defendant in a multidistrict suit over the TelexFree Ponzi scheme, saying there is still no evidence it knew about the multibillion-dollar fraud.

  5. August 31, 2022

    BofA, Wells Fargo, TD Bank Can't Duck TelexFree Claims

    Bank of America, Wells Fargo and TD Bank can't avoid claims of aiding and abetting the multibillion-dollar TelexFree Ponzi scheme, a Massachusetts federal judge ordered Wednesday in a ruling that also dropped consulting behemoth PwC and PNC Bank from the civil case.

  6. December 08, 2021

    PwC, Big Banks Roped Back Into TelexFree Ponzi Case

    Bank of America, TD Bank, Wells Fargo and PwC must face claims that they kept on servicing accounts for one of the world's largest pyramid schemes long after they learned that the multibillion-dollar TelexFree ploy was rotten, a Massachusetts federal judge ruled Monday.

  7. January 05, 2021

    Attys Seek $6.8M Cut In Fidelity's TelexFree MDL Settlement

    Lawyers who notched a $22.5 million class settlement from Fidelity Bank so it could escape sprawling litigation in the wake of the TelexFree Ponzi scheme are urging a Massachusetts federal judge to award them a nearly $6.8 million cut.

  8. July 27, 2020

    Fidelity To Pay $22.5M To Escape TelexFree MDL

    Fidelity Bank has agreed to pay $22.5 million to resolve allegations it played a role in the massive TelexFree Ponzi scheme and will cooperate with plaintiffs still pursuing claims against other defendants, according to a settlement notice Friday.

  9. July 08, 2020

    Synovus, Others Ink $2.1M In Deals To Escape TelexFree MDL

    Synovus Bank and two other companies have agreed to shell out $2.1 million to escape claims they played a role in the massive TelexFree Ponzi scheme that allegedly cost its victims billions, and Massachusetts federal court is being asked to give the deal final approval.

  10. July 02, 2020

    PwC Employees Say Too Late To Add Them To TelexFree MDL

    Attempts to add a PricewaterhouseCoopers partner and manager as defendants in the multidistrict litigation over the TelexFree Ponzi scheme are pure "gamesmanship" and should not be permitted, the men told a Massachusetts federal judge Wednesday.

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