August 13, 2022

Comerica Bank and investors who lost money in the $1.2 billion Woodbridge Ponzi scheme won final approval of their $54.2 million settlement in federal court in California.

Woodbridge Group of Companies LLC investors argued that Comerica, which maintained all of the company’s financial accounts, knew about the Ponzi scheme. The cash deal resolves the securities class claims without any admission of wrongdoing from the bank, the U.S. District Court for the Central District of California said.

Judge Dolly M. Gee in 2020 allowed the Woodbridge investors to move forward with some claims against Comerica. The parties reached a settlement …

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