BofA Remains Out of TelexFree Ponzi Suit as Settlements Progress

Salespeople who bought into the $1 billion TelexFree multi-level marketing scheme for internet call technology have lost a bid to pull Bank of America NA back into their sprawling litigation against banks, other companies, and individuals.

Meanwhile, the court overseeing the cases granted the plaintiffs’ counsel costs and attorneys’ fees related to pending class settlements with TD Bank NA, payment processor International Payout Systems Inc., and Telecom Logic LLC worth an aggregate $95.5 million. But Judge Timothy S. Hillman of the US District Court for the District of Massachusetts allowed less than the $31.8 million fee award that the ...