Umpqua Bank PFI Class Action Lawsuit

A mistrial was declared on March 4, 2025 in the class action Camenisch, et al. v. Umpqua Bank. Trial began on February 3, 2025, on behalf of over 1,200 defrauded investors to determine whether Umpqua aided and abetted Professional Financial Investors’ misuse of investor money since January 1, 2007.

Retrial is tentatively scheduled for April 28, 2025.

Case Background

The class argued that PFI failed to tell investors it was using investor money to personally benefit PFI’s executives, pay other investors, and cover recurring shortages across its dozens of accounts at Umpqua.

Among other evidence presented over the three-week trial, the Umpqua banker who serviced PFI’s accounts for years testified that there were many times she transferred money from PFI’s accounts holding investor money to Ken Casey’s personal account. Internal bank records also described incoming investor funds being directly applied to pay other investors.

The class is seeking damages up to $149.4 million and up to $218.7 million in prejudgment interest.

The lawsuit, filed in 2020, is a class action on behalf of over 1200 defrauded investors. On December 16, 2022, the Court ruled that the investors would be certified as a class and that the lawsuit may proceed to a jury trial. The Court’s decision cleared the way for the class of investors to pursue their legal claims against Umpqua Bank in a single trial.

Attorneys

Amy Zeman

Amy has built a reputation in the plaintiffs’ bar for delivering results to consumers and sexual assault survivors in class actions and mass torts.

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Linda Lam

Linda focuses her practice on representing consumers, small businesses, and employees in complex litigation.

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Scott Silver

Scott, a national leader in securities arbitration and litigation, has recovered over $650 million on behalf of investors in financial fraud claims.

Wynne Tidwell

Wynne works with consumers harmed by corporate wrongdoing and financial fraud.

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All links lead to PDFs:

Camenisch Complaint (Class Action Lawsuit)

Our Financial Fraud Experience

Gibbs Law Group

Gibbs Law Group’s financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. The firm has successfully litigated against some of the largest companies in the United States, and has recovered more than a billion dollars on clients’ behalf.

Gibbs Law Group attorneys have fought some of the most complex cases brought under federal and state laws nationwide, and have been recognized with numerous awards and honors for their accomplishments, including Top 100 Super Lawyers in Northern California, Top Plaintiff Lawyers in California, The Best Lawyers in America, and rated AV Preeminent (among the highest class of attorneys for professional ethics and legal skills).

Silver Law Group

Silver Law Group is a team of securities lawyers, forensic accountants, and support staff who are dedicated to helping investors recover losses through securities arbitration and litigation.

The firm is led by Scott Silver, a former Wall Street defense attorney who has been representing customers in securities and investment fraud cases since 2002. Scott is admitted to practice in New York and Florida and the firm’s FINRA arbitration attorneys represents investors nationwide.