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TelexFree Investors Target Banks, Attys Over $300M Losses

Law360, Los Angeles (June 25, 2014, 4:08 PM EDT) -- Investors duped in a $1.1 billion pyramid scheme allegedly run by now-defunct TelexFree Inc. filed a putative class action Tuesday in Georgia federal court alleging its indicted owners are liable along with TelexFree's attorneys and banks for their $300 million losses, saying all parties were aware of the scam.

The complaint, filed by named plaintiff Todd Cook, accuses a host of defendants, including several TelexFree officers, companies TelexElectric LLLP, Telex Mobile Holdings Inc., banks TD Bank NA, Citizens Bank of Massachusetts and lawyers Gerald P. Nehra and Richard W. Waak, of helping the defunct multilevel marketing company sell illegal unregistered securities to the company's...

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Attached Documents



Case Information

Case Title

Subscribers Only

Case Number

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Georgia Northern

Nature of Suit



Subscribers Only

Date Filed

June 24, 2014