Wells Fargo agreed to a $3.75 million settlement to resolve a class action lawsuit claiming the bank facilitated an Equitybuild Ponzi scheme that cost consumers millions.
Plaintiffs in the class action lawsuit claim that Wells Fargo acted as the depository bank in the Equitybuild investment scheme. According to the plaintiffs, the bank is partially responsible for the losses they sustained as a result of the Ponzi scheme.
The Equitybuild scheme aimed to buy and flip investment properties in Chicago that would later generate rental income. In reality, Equitybuild founders allegedly pocketed the money without investing.
Wells Fargo hasn’t admitted any wrongdoing but agreed to a $3.75 million class action lawsuit settlement to resolve allegations it played a role in the Equitybuild scheme.
Wells Fargo, Equitybuild Investment Scheme Class Action Lawsuit
- Who’s Eligible:
- Individuals who invested in the Equitybuild scheme and lost money as a result of the investment.
- Estimated Amount: Varies
- Proof of Purchase: Documentation of losses, if claimants wish to contest their “Amount of Loss”
- Claim Form Deadline: 06/08/2023
- Case Name & Number:
- Chang, et al. v. Wells Fargo Bank NA, Case No. 4:19-cv-01973-HSG, in the U.S. District Court for the Northern District of California
- How to file a claim:
- Head over to the Claim Form.
- Read over the claim form to see if you are eligible.
- Complete the claim form with your info.
- Submit your claim form to receive your potential award!
(Click here to file a claim)
Don’t forget to take a look at our full list of Class Action Lawsuit Settlements! Be sure to give our list of No-Proof Class Action lawsuit to see other settlements you may qualify for.
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