January 30, 2019 / 10:49 PM / 7 months ago

Bank of America, TD Bank dismissed from pyramid scheme lawsuit

Bank of America and TD Bank have been dismissed as defendants in a lawsuit by victims of a multi-billion-dollar pyramid scheme run by defunct Massachusetts-based internet telephone company TelexFree, shut down by federal enforcement authorities in 2014.

In a decision on Tuesday, U.S. District Judge Timothy Hillman in Worcester, Massachusetts said victims of the scheme did not show that the banks substantially assisted or actively participated in TelexFree’s fraud. He dismissed aiding and abetting and related claims against the banks.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2G9Yok0

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