Investments
Conestoga Life Settlements Information to Investors Fraud Class Action
“A life settlement is a transaction in which an insured person sells his or her life insurance policy to a third party,” explains the complaint for this class action. Life settlements are at issue in this case for “fraud, conspiracy, aiding and abetting, civil theft, and breach of fiduciary duty,” against defendants Conestoga Settlement Services, Read moreInvestments
Merrill Lynch Spoofing to Manipulate Futures Contracts Class Action
On June 25, 2019, the Department of Justice (DOJ) announced a non-prosecution agreement with Merrill Lynch Commodities, Inc. in connection with a criminal investigation of the company. The complaint for this class action takes up its findings and brings suit against Merrill Lynch, its parent company Bank of American Corporation, and individuals on behalf of Read moreInvestments
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 moreInvestments
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 moreInvestments
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 moreInvestments
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 moreInvestments
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 moreInvestments
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 moreInvestments
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 moreInvestments
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 moreInvestments