Calif. Bank & Trust to pay $14 million to end scam allegations

By Dave Simpson (June 24, 2022, 11:27 p.m. EDT) — California Bank & Trust has agreed to pay $14 million to end an alleged class action suit accusing the bank of aiding a Ponzi scheme, victims of the the scam for the purpose of preliminary approval of the settlement filed in California federal court on Friday.

Under the proposed settlement, a class of about 60 victims of the scheme would share a settlement fund estimated at more than $9 million — after attorneys’ fees, costs and other payments, the motion says. If everyone in the proposed group signed up, they would recoup about 17% of their $55 million in losses,…

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