By Ivan Moreno (August 31, 2022, 9:39 PM EDT) — Bank of America, Wells Fargo and TD Bank can’t avoid claims of aiding and abetting the multibillion-dollar TelexFree Ponzi scheme, a Massachusetts federal judge ordered Wednesday in a ruling that also dropped consulting behemoth PwC and PNC Bank from the civil case.
U.S. District Judge Timothy S. Hillman said in the 47-page order that plaintiffs in the multidistrict litigation have sufficiently pleaded claims that the banks continued to service TelexFree’s accounts after learning it was an illegal operation.
“The provision of routine banking services typically does not constitute substantial assistance,” Judge Hillman wrote while discussing Bank of America’s motion to be…
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