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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. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. March 19, 2020

    Atty In TelexFree MDL Avoids Ouster After Admitting Missteps

    A Massachusetts federal judge issued a warning Thursday to the interim lead attorney in multidistrict litigation over the TelexFree Ponzi scheme after the attorney apologized for "several procedural errors," but he declined to remove him from the case.

  8. January 13, 2020

    Banks Call TelexFree Suit Revision A Waste of Time

    A slew of financial services providers including Wells Fargo, Bank of America, TD Bank and PwC pushed back Friday in Massachusetts federal court against an attempt to revise allegations linking them to the TelexFree Ponzi scheme, arguing the repeat bids for revision are wasting the court's time.

  9. December 16, 2019

    ProPay Asks Mass. Judge To Toss Revised TelexFree Suit

    ProPay Inc. on Friday urged a Massachusetts federal judge to ax a lengthy amended complaint from victims of the TelexFree Ponzi scheme, arguing it was snuck in without notice and doesn't follow court rules.

  10. December 02, 2019

    TelexFree Ponzi Victims Seek To Revive Bank Claims

    Victims of the $3 billion TelexFree Ponzi scheme claim that new evidence supports their allegations against five financial service providers previously cut from their 2014 suit over the scam and are asking a Massachusetts federal judge to accept their fifth amended complaint.