Comerica, Woodbridge Ponzi Victims Seek $54.2 Million Settlement

Comerica Bank and investors who lost money in the $1.2 billion Woodbridge Ponzi scheme asked a federal judge in California for permission to move forward with the $54.2 million settlement of their class claims.

The deal “represents at least 10% of best-case scenario damages,” according to documents filed in support of the investors’ preliminary settlement approval motion in the U.S. District Court for the Central District of California. The settlement also includes an additional $300,000 to resolve claims the Woodbridge Liquidation Trust brought against the bank.

Investors who lost money to the scam argued that Comerica, which maintained all of ...