November 09, 2022
A two-attorney legal team will receive $4.1 million in fees after brokering a $14 million settlement deal with California Bank & Trust and resolving investors' proposed class action claims that the bank aided and abetted a $100 million Ponzi scheme.
June 24, 2022
California Bank & Trust has agreed to pay $14 million to end a putative class action accusing the bank of assisting a Ponzi scheme, the scam's victims said in a bid for preliminary approval of the settlement filed in California federal court Friday.
December 21, 2017
A California federal judge has ruled that several victim investors in a decade-plus Ponzi scheme can't go after a bank for allegedly providing knowing assistance to the fraud, saying that the "primary flaw" of the victims' claims was that the victims themselves weren't customers of the bank.