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Class Action Ponzi Scheme

A class action is a type of legal action where a representative individual or group of individuals can bring a claim on behalf of a larger group or class who share a common legal interest.
Kilpatrick

Fourth Circuit affirms denial of class certification for golf course investors allegedly swindled by Ponzi scheme

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In July 2024, the Fourth Circuit affirmed the denial of class certification for a group of Chinese investors who were allegedly duped into entering a Ponzi-like investment scheme to purchase two dozen golf courses and other...more

King & Spalding

Northern District of California Refuses to Decertify Class in Ponzi Suit Action Against Umpqua Bank

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On June 25, 2024, the U.S. District Court for the Northern District of California denied motions by Umpqua Bank to decertify a class of alleged Ponzi scheme victims and for summary judgment on the class’s entitlement to...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - December 2023 Updates

On the one hand, the year ended where it began. The legislation on stabelecoins and market structure that would provide a regulatory framework for digital assets has still not been enacted into law. And Securities and...more

ArentFox Schiff

Tom Brady, Larry David, and Others Named Defendants in Class Action Suit Filed Against FTX

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Four days after FTX, once the world’s third-largest crypto exchange, filed for voluntary Chapter 11 bankruptcy, former FTX investors filed a class action against 11 athletes and celebrities who promoted FTX in advertisements...more

Carlton Fields

Proposed Cryptocurrency Class Action Goes Forward in Florida With Defendant’s Help

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Two plaintiffs in Miami-Dade County have filed a class action complaint against cryptocurrency platform Empires X Corp. and its founders based on an alleged Ponzi scheme. In Villanueva v. Empires X Corp., pending in Florida’s...more

Goodwin

SEC Obtains Consent Judgments Against Biotechnology Company and CEO for False COVID-19 Product Claims

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On April 19, 2022, Judge James R. Knepp II of the U.S. District Court for the Northern District of Ohio approved consent judgments against biotechnology firm Rising Biosciences, Inc. and its CEO Arthur Hall for violations of...more

Goodwin

Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit

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IN THIS ISSUE - Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit; Federal Court of Appeals Dismisses Leading Fannie Mae and Freddie Mac Shareholder Lawsuits; NY Seeks Blockchain...more

McGuireWoods LLP

Considering All Defenses Is an Effective Strategy as Proved by the Southern District of New York Recently Granting a Bank Motion...

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In a recent decision in Anderjaska v. Bank of America, N.A., et al., the Southern District of New York decided that three national banks were not subject to general jurisdiction in New York for allegedly aiding and abetting a...more

Alston & Bird

Class Action & MDL Roundup – Winter 2021

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Welcome back to the Class Action & MDL Roundup! Our winter edition covers notable class actions from the fourth quarter of 2020. In this edition, we find a common theme among COVID-19 class actions, the Tampa 2 defends...more

Goodwin

Ninth Circuit Holds Loss Causation May Be Predicated on Information Potentially Available Under Freedom of Information Act

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Ninth Circuit Holds Loss Causation May Be Predicated on Information Potentially Available Under Freedom of Information Act; D.C. Circuit Upholds FINRA’s Permanent Ban of Broker Accused of Misconduct After Finding SCOTUS...more

Goodwin

California Federal Court Denies Motion to Dismiss Securities Class Action Arising from Uber’s IPO

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California Federal Court Denies Motion to Dismiss Securities Class Action Arising from Uber’s IPO; S.D.N.Y. Dismisses Ponzi Scheme Action Against HSBC Hong Kong for Lack of Personal Jurisdiction; Delaware Court of Chancery...more

Robins Kaplan LLP

Financial Daily Dose 2.10.2020 | Top Story: Volvo May go Public Via Merger With Owner’s Geely Automobile Holdings

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Volvo’s owner, Li Shufu, is mulling over a move to combine the carmaker with his publicly traded Geely Automobile Holdings—a play that would take Volvo public and “unify the bulk of billionaire Li’s growing stable of...more

King & Spalding

Fourth Circuit Certifies “Unicorn” Defendant Class

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In Bell v. Brockett, the Fourth Circuit affirmed the certification of a class of defendants, a rare procedural maneuver that the court referred to as a “unicorn.” ...more

A&O Shearman

District Of Connecticut Certifies Class In Cryptocurrency Mining Suit, Holding That Proposed Class Could Establish Reliance Based...

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On June 21, 2019, Judge Michael P. Shea of the United States District Court for the District of Connecticut granted plaintiffs’ motion to certify a class of investors in an action alleging that two cryptocurrency companies...more

Carlton Fields

A Unicorn Sighting? Fourth Circuit Affirms Certification of Defendant Class

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Bell v. Brockett is an unusual case in several respects. Most notably, the Fourth Circuit affirmed certification of a defendant class, despite acknowledging that defendant class actions are “so rare they have been compared to...more

Bradley Arant Boult Cummings LLP

“Two Wrongs Don’t Make a Right, But a Few More Can Make a Unicorn”

Class actions typically involve a proposed class of plaintiffs seeking recovery from the same defendant on similar grounds. But that is not the only animal in the class action corral. Rule 23 makes this clear in its very...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Just how bad is the Brexit crisis for Prime Minister May? Well, she’s considering crossing the aisle and, gulp, working with the Labour Party on a departure plan.  So really bad. And oh yeah, more time, please....more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - March 2019

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between December 2018 and February 2019....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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CEO Dara Khosrowshahi is undoubtedly breathing a sigh of relief on news out of the UK yesterday that Uber will regain its taxi license in London—a “crucial victory for efforts by its new chief executive to revamp the...more

Proskauer - Blockchain and the Law

BitConnect Promoters Targeted in Class Action Suits, Twice in One Week

BitConnect International, PLC had a somewhat unique business model, even for an industry known for its unconventional nature. On its face, BitConnect functioned as an exchange. However, the real purpose of the platform, and...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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A look at Amazon’s newest concept—Amazon Go—a convenience store that opens in Seattle today complete with “shelves of food” found at other stores (including Whole Foods) but with nary a cashier in sight....more

Proskauer Rose LLP

Three Point Shot - September 2017

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On August 25th, 2017, in a convincing knockout, a federal judge in Los Angeles dismissed dozens of lawsuits against Manny Pacquiao and Floyd Mayweather alleging Pacquiao's concealed shoulder injury impacted the quality of...more

Carlton Fields

No Repose for Debate on Applicability of American Pipe Tolling

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In its seminal 1974 American Pipe opinion, the Supreme Court held that the commencement of a class action tolls the applicable statutes of limitation as to all putative class members who would have been parties had the class...more

Manatt, Phelps & Phillips, LLP

Insurance Recovery Law - May 2015

California Appellate Court: All Claims “Arising From” Ponzi Scheme Are Precluded - Why it matters: Concluding that any claims related to a Ponzi scheme—even if they involved different investors, investments, or...more

Moore & Van Allen PLLC

Rare Defendant Class Certified in Federal North Carolina Ponzi Scheme Class Action

Most of the cases that come to mind when you think “class action” consist of a large group of plaintiffs (hundreds or multiple thousands) seeking authorization to proceed as a class in one lawsuit against one or a handful of...more

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