April 1, 2024
By Sarah Jarvis (February 9, 2022, 7:55 PM EST) — A group of investors urged a California federal court to grant them class certification in their case against a bank they said aided and abetted an alleged Ponzi scheme led by a since-deceased real estate investment manager, claiming they lost thousands in the long-running, multimillion-dollar enterprise.

In a redacted class certification motion filed Tuesday, the investors said a trial would focus almost exclusively on whether Oregon-based Umpqua Bank knew that Professional Financial Investors Inc. and Professional Investors Security Fund Inc. were using new investor money to pay existing investors and to personally enrich the duo behind the scheme.

Noting the average…

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