Mercury, Evolve Bank Get Final Nod for Settlement in Ponzi Case

Mercury Technologies Inc. and Evolve Bank & Trust have obtained a federal court’s final approval for their $90,000 settlement of class claims on behalf of Ponzi scheme victims.

The settlement is adequate despite the $65 million potential recovery, given an existing fund for victims and the presence of other defendants in the suit, Judge Michael H. Simon said Tuesday for the US District Court for the District of Oregon. JPMorgan Chase Bank NA, KeyBank NA, and Columbia Banking System Inc., the parent company of Umpqua Bank, face a claim of joint liability for the wrongful conduct ...