Welcome
Class Action News

TelexFree Investors Ask for Final OK of Initial Ponzi Settlement

July 9, 2020, 6:34 PM

Investors who lost money in the multibillion-dollar TelexFree Ponzi scheme asked a Massachusetts federal judge to grant final approval to $2.1 million in settlements that will resolve claims against a handful of defendants.

The agreements are the first cash settlements in the case, investors told the U.S. District Court for the District of Massachusetts Wednesday. The deals also include the settling defendants’ cooperation in providing “critically important evidence” that’s “essential to the advancement” of the remainder of the case, the investors said.

The settlements resolve claims against Base Commerce LLC, Synovus Bank, Craft Financial Solutions Inc., five individual defendants, and...

To read the full article log in. To learn more about a subscription click here.