Hagens Berman announced settlements totaling $234.6 million reached on behalf of approximately 1,600 investors of the now-defunct Aequitas companies. It is believed to be the largest settlement of a securities lawsuit in Oregon history.
In March 2016, Hagens Berman filed a class action lawsuit asserting that various investment funds run by Aequitas Capital Management operated as a Ponzi scheme from 2010 until finally collapsing and being shut down by the SEC. Aequitas sold hundreds of millions of dollars of securities to approximately 1,600 investors and perpetuated the scheme for years, despite generating no profits, being dependent on new investor money, having no prospects for increasing revenues and being insolvent. Defendants in this action are the accounting firms Deloitte & Touche and EisnerAmper; law firms Sidley Austin and Tonkon Torp; TD Ameritrade; Integrity Bank & Trust of Colorado; and Duff & Phelps.
On July 9, 2019, Hagens Berman and our co-counsel Stoll Berne announced that settlements totaling $234.6 million had been reached on behalf of members of the proposed class. The settlements are subject to approval by the U.S. District Court in Portland.
CASE TIMELINE
An Oregon federal court has signed off on the $234 million settlement, allowing investors to recover 80 to 90% of their losses after the liquidation of the Aequitas estate.
Settlements totaling $234.6 million have been reached on behalf of approximately 1,600 investors in a proposed class action against various third parties alleged to have participated in or materially aided sales of securities by the now-defunct Aequitas companies of Lake Oswego, Oregon.
On July 9, 2019, Plaintiffs’ filed an unopposed Motion for Preliminary Approval of Global Settlement.
