![Equitybuild $3.75M Settlement: Overview of Claims Equitybuild $3.75M Settlement: Overview of Claims](https://cdn.prod.website-files.com/642f23e5f54b794300ac12a6/6514a151fffffa6912b63cc7_64735593faab9fcd0ecc36f1_pexels-rdne-stock-project-7414217.webp)
Annie Chang, et al. v. Wells Fargo Bank, N.A., a class-action lawsuit, alleges that individuals and entities who invested with Equitybuild, Inc., Equitybuild Finance, LLC, and their affiliates were defrauded due to a Ponzi scheme (the “Equitybuild Scheme”). The plaintiffs claim that Wells Fargo aided and abetted the scheme as Equitybuild’s depository bank. Wells Fargo denies these allegations.
How Significant is the Settlement Amount?
The proposed settlement amount agreed upon by both parties is $3.75 million. This amount will be used to create a "Settlement Fund" which will cover payments to Settlement Class Members who submit timely, valid, and approved claims; claims administration costs and legal costs.
What are the Important Dates in this Settlement?
There are several key dates associated with this settlement:
- February 8, 2023: Claim Forms, Form W-9’s, and Notices were mailed to Settlement Class Members.
- May 9, 2023: Deadline for submitting requests to opt out of or objecting to the Settlement.
- June 8, 2023: Deadline for submitting completed Claim Forms (including Form W-9) along with any required supporting documentation.
- July 13, 2023: Final Approval Hearing, where the Court will decide whether to approve the Settlement. This date is subject to change.
Who are the Class Members?
Settlement Class Members are individuals or entities that invested with Equitybuild, Inc., Equitybuild Finance, LLC, or their affiliates and suffered a loss as a result of that investment. If you are unsure whether you qualify as a Class Member, you can contact the Settlement Administrator for clarification.
What Awards Can Class Members Expect?
The awards for class members will be determined based on each member's proportionate share of the Settlement Fund relative to their total dollar amount on their completed and validated Claim Form. The maximum amount a class member can receive is equal to the full dollar amount of their validated Claim Form. After deducting any Court-approved payments to Class Representatives and Class Counsel along with administrative costs from the Settlement Fund, remaining funds will be distributed among eligible claimants.
To receive an award from this settlement, class members must submit a completed Claim Form and Form W-9 by June 8, 2023. The official settlement website provides detailed instructions on how to complete and submit these forms either online using your Claimant ID number or via mail using the paper copy provided.
If your mailed Claim Form includes a pre-populated "Amount of Loss" line item representing your submitted "Total amount of claim" in United States Securities Exchange Commission v. Equitybuild, Inc., et al., Case No. 18-cv-5587 (Northern District of Illinois), you may use this value or update it if necessary before submitting your form. If you believe that your printed Amount of Loss is incorrect (either too high or too low), follow the instructions provided on the official settlement website for updating this information before submitting your form.
Comments