Aequitas Capital Management

DEFENDANT NAME: Deloitte & Touche and EisnerAmper; law firms Sidley Austin and Tonkon Torp; TD Ameritrade; Integrity Bank & Trust of Colorado; and Duff & Phelps
STOCK SYMBOL:
CASE NUMBER: 3:16-cv-00580-AC
CASE NAME:
COURT: U.S. District Court for the District of Oregon Portland Division
PRACTICE AREA: Investor Fraud, Securities
STATUS: Active
CLASS PERIOD:
LEAD PLAINTIFF DEADLINE:
DATE FILED:
COURT LOCATION:
KEY ATTORNEYS:
Steve W. BermanKarl Barth

Case Update

On July 9, 2019, Plaintiffs’ filed an unopposed Motion for Preliminary Approval of Global Settlement.

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.


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07/09/19: Case Update

On July 9, 2019, Plaintiffs’ filed an unopposed Motion for Preliminary Approval of Global Settlement.