TelexFree ponzi scheme class action lawsuit overview:
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- Who: Bank of America, Wells Fargo, and TD Bank have been accused of aiding and abetting the TelexFree ponzi scheme which cost consumers around the world a total of $3 billion.
- Why: Plaintiffs claim the financial institutions continued servicing TelexFree accounts despite allegedly knowing that the company was operating illegally.
- Where: The TelexFree ponzi scheme victimized consumers around the world.
Bank of America, Wells Fargo and TD Bank have been accused of aiding and abetting the multibillion dollar TelexFree ponzi scheme.
The TelexFree ponzi scheme was disguised as an internet phone service company and affected more than 1 million consumers from a number of countries around the world, reports CNBC.
Bank of America, Wells Fargo, and TD Bank, meanwhile, have been accused of continuing to service TelexFree accounts despite allegedly knowing the company was operating illegally, reports Law360.
All three financial institutions attempted to get the claims against them dismissed, however, a Massachusetts federal judge ruled against the trio in an order last week.
The judge overseeing the multidistrict litigation determined in his order that the plaintiffs in the complaint had sufficiently pleaded their claims against Bank of America, Wells Fargo and TD Bank.
Judge rejects motions to dismiss from TD Bank, Wells Fargo, Bank of America
TD Bank…
