Trial Date Set in Lawsuit Against Umpqua Bank Brought by Ponzi Scheme Victims
September 9, 2024
Oakland, CA—A trial date has now been set for February 3, 2025, in the class action against Umpqua Bank for allegedly aiding and abetting a massive, decades-long Ponzi scheme by Professional Financial Investors (PFI). This trial date was set in an order issued on August 28, 2024, from the Honorable Richard Seeborg.
Umpqua Bank faces potential damages of up to $380 million. This is in part due to recent rulings the judge made, where he confirmed that the plaintiffs can ask the jury to award prejudgment interest, which would compensate class members for the loss of use of their money. In the same ruling, the judge also denied Umpqua’s motion seeking to decertify to class, and confirmed that California law can be applied to the whole class of 1,200 victims.
All motions to exclude expert testimony, as well as motions to exclude certain evidence at trial, are fully briefed. The court has not yet ruled on those motions.
Class members, many of whom are senior citizens still dealing with the ramifications of losing their life savings to the PFI Ponzi scheme, are eager for the trial to take place.
Oakland-based Gibbs Law Group, along with Silver Law Group, represents PFI investors in this class action lawsuit filed in 2020.
PFI investors who would like to learn more about their legal rights in this class action lawsuit may contact our team at (510) 350-9722.
About Gibbs Law Group
Gibbs Law Group is committed to protecting the rights of investors and consumers nationwide who have been harmed by corporate fraud and misconduct. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous awards for their work, including “Class Action Practice Group of the Year,” “Top Boutique Law Firms in California,” “Best Lawyers in America,” “Titans of the Plaintiffs Bar,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” and “Top Class Action Attorneys Under 40.”
About Silver Law Group
Silver Law Group is a nationally recognized securities and investment fraud law firm representing investors worldwide to recover their investment losses. The law firm focuses on plaintiff-side class action litigation and securities arbitration claims representing individual investors and institutions in claims against brokerage firms, investment advisors, commodities firms, hedge funds and others. Silver Law Group also routinely serves as counsel to receivers and trustees in matters relating to the recovery of investor losses in Ponzi schemes. Admitted to practice in New York and Florida, Silver Law Group attorneys have recovered millions of dollars for defrauded investors.
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