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People’s United Jay Peak Ski Resort Ponzi Scheme Class Action

Investors bring this class action against companies they believed would build a Jay Peak Ski Resort in Vermont—People’s United Financial, Inc. and People’s United Bank. But according to the complaint, the money they put up went to an alleged Ponzi scheme, finally uncovered in a two-year investigation by the Securities and Exchange Commission (SEC).  Read more

Investments
Securities Frauds, SEC Investigations, Ponzi Scheme
Bank of New York Mellon

Bank of New York Mellon Breach of Fiduciary Duty for Trust Class Action

Bank of New York Mellon is trustee for a trust established by the grandmother and great-grandmother of the plaintiffs in this case. BNY Mellon made poor investments, favoring an affiliate’s mutual funds, the complaint says, when better choices would have earned the trust another $100,000 in income or appreciation in the last five years alone.  Read more

Investments
Breach of Fiduciary Duty
Letters "HSBC" and Logo on Building

HSBC Bank Payment of Legal Expenses from Trust Funds Class Action

This is the third in a series of class action suits filed by Royal Park Investments (RPI) based on other current lawsuits. The original lawsuits each allege that a certain bank has failed to fulfill its duties as trustees to RPI funds; these secondary suits allege that the defendant banks have been paying their legal  Read more

Investments
Using Funds for Impermissible Purposes, Securities Frauds

City National Bank Aiding of ATM Ponzi Scheme Class Action

Two men, Joel Barry Gillis and Edward W. Wishner, are now in prison for running NASI, a company that operated a Ponzi scheme purporting to sell ATMs to investors in return for “rentals” from ATM fees. How did they get away with it for fifteen long years? According to the complaint for this class action,  Read more

Investments
Your Bank, Ponzi Scheme, Inadequate internal system/oversight, Corporate Governance
Rising Bar Graph on Chalkboard Titled "Retirement Plan"

GE Retirement Plan Underperforming Funds and Breach of Fiduciary Duty ERISA Class Action

Federal law requires that most company retirement plans be managed for the sole benefits of those enrolled in the plans. But the complaint for this class action alleges that General Electric and associated entities violated the Employee Retirement Income Security Act (ERISA) with its Retirement Savings Plan by favoring underperforming GE-related funds as investments and  Read more

Investments
Failure to Replace Underperforming Assets, ERISA Violations, Breach of Fiduciary Duty

US Bank Payment of Legal Expenses From Trust Funds Class Action

Royal Park Investments (RPI) hired US Bank National Association as trustee for twenty-one of its residential mortgage-backed securities (RMBS) trusts, but apparently was not satisfied with the bank’s performance. It is suing US Bank in a case called Royal Park Inv. SA/NV v. U.S. Bank Nat’l Ass’n, No. 1:14-cv-02590-VM—but it claims to have recently discovered  Read more

Investments
Using Funds for Impermissible Purposes, Securities Frauds
Wells Fargo Sign with Stagecoach Image

Wells Fargo Unlawful Payment of Expenses from Trust Funds Class Action

This case is built on top of another case. Royal Park Investments (RPI) sued Well Fargo in Royal Park Investments SA/NV v. Wells Fargo Bank, N.A., No. 1:14-cv-09764-KPF-SN (S.D.N.Y.), claiming that Wells Fargo had failed to fulfill its duties as a trustee of two of RPI’s trusts, allegedly damaging RPI and the classes’ certificate holders.  Read more

Investments
Using Funds for Impermissible Purposes, Securities Frauds, Breach of Fiduciary Duty

Apollo Global Management Fraudulent “Restructuring” Class Action

This class action alleges that Apollo Global Management, LLC orchestrated a fraudulent “restructuring” of CEVA Investments Limited (CIL), in breach of its fiduciary duty, that extinguished the value of shares held by its CEVA-employee investors for the benefit of Apollo. The employee investor plaintiffs believe that their losses in this restructuring amounted to more than  Read more

Investments
Securities Frauds, Extinguishing of Value of Shares, Breach of Fiduciary Duty

Kraken Liquidated Ether Virtual Currency Class Action

Ether is a virtual currency that may be traded for normal currencies via online exchanges such as Kraken, the defendant in this case. This class action alleges that a systems problem occurred at Kraken, leading to it locking customers out of their accounts and liquidating the Ether holdings in margin accounts. Had Kraken’s systems been  Read more

Investments
Your Money, Forced Sell-Off, Cryptocurrency

KLX Securities Fraud Class Action Lawsuit

This securities fraud class action lawsuit alleges that KLX, Inc. violated the federal securities law by materially misrepresenting the value of its intangible assets and its goodwill associated with the Company's Energy Services Group, along with its policies and the methodology implemented to calculate goodwill, risk and asset impairment, conduct which ultimately caused significant losses  Read more

Investments
Your Money, Stock Losses, Securities Frauds, Inaccurate Financial Statements