By Dave Simpson (June 24, 2022, 11:27 PM EDT) — California Bank & Trust has agreed to pay $14 million to end a putative class action accusing the bank of assisting a Ponzi scheme, the scam’s victims said in a bid for preliminary approval of the settlement filed in California federal court Friday.
Under the proposed deal, a class of about 60 victims of the scheme would split a settlement fund estimated to be more than $9 million — after attorney fees, costs and other payments, the motion said. If all of the members of the proposed class opt in, they would recover about 17% of their $55 million in losses,…
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