Wells Fargo, Others Defeat Class Status Over TelexFree Scam (1)

Wells Fargo NA and payment processor ProPay Inc. are among remaining defendants that a federal court has spared from facing a victim class in sprawling litigation over the billion-dollar TelexFree Ponzi scheme.

Class status is inappropriate because individualized questions about damages and other issues predominate over common ones, Judge Nathaniel M. Gorton said Tuesday for the US District Court for the District of Massachusetts. Gorton said he’s “skeptical” that there’s a feasible way to calculate damages for the estimated 500,000 would-be class members.

The TelexFree Ponzi and pyramid scam ran from 2012 to 2014 and involved about 2 million people, ...