February 1, 2024

Wells Fargo, Equitybuild investment scheme $3.75M class action lawsuit settlement 2023: Is It a Scam? Find Out!

Are you a customer of Wells Fargo? Did you receive a mail about a class action on the settlement  to resolve claims that Wells Fargo facilitated an Equitybuild Ponzi scheme that cost consumers millions? This review will help you partake in the class action settlement.

What Is Wells Fargo, Equitybuild investment scheme $3.75M Class Action Settlement?

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.

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. The name of the case is 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

What Is This Class Action All About?

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.

Under the terms of the settlement, investors can receive a proportional cash payment based on the amount they lost by investing in Equitybuild. Investors who lost a higher amount will receive a larger share of the settlement fund. No payment estimates are available on the settlement website.

Class members received a mailed notice which included a pre-populated “Amount of Loss” that is lower than is accurate, they can submit documentation with their claim form to reflect the higher loss total. 

Who Is Eligible?

The settlement benefits individuals who invested in the Equitybuild scheme and lost money as a result of the investment.

 How To Be Part of This Settlement

To receive settlement benefits, class members must file a valid claim form and W-9 by June 8, 2023. The deadline for exclusion and objection is May 9, 2023. The settlement website is EquitybuildSettlement.com.

What Is The Pay For This Settlement?

The pay for this settlement varies and the proof of purchase is the documentation of losses, if claimants wish to contest their “Amount of Loss”.

Conclusion

As you submit your claim to the settlement website EquitybuildSettlement.com, just like Oklahoma Earthquakes class action settlement we have reviewed , you’re doing so under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. The final approval hearing for the settlement is scheduled for July 13, 2023.

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