San Francisco, CA (PRWEB) January 15, 2014
The Law Offices of Julio J. Ramos, Steven M. Nunez and Ward Hagen LLP obtained a legal victory in a class action initially filed on April 30, 2009 in the Los Angeles County Superior Court complex litigation department against East West Bancorp and officers of the bank for the aiding and abetting of a $45 million Ponzi-Scheme. The lawsuit alleges that East West Bank aided AOB Commerce Inc. in defrauding over 300 investors nationwide from 2004 through 2007. The Los Angeles Superior Court Case Number is BC412981, entitled Amezcua v. East West Bancorp.
After extensive evidence gathering and briefing by both sides, Judge Elihu Berle presiding in Department 323 ruled at a hearing held on January 13, 2014 that substantial issues of fact warrant a trial in the case and set an April 28, 2014 trial date. He found that East West Bank had not negated the allegations raised in the case to justify not proceeding to trial by jury. In particular, Judge Berle specifically cited evidence of over 600 possible overdrafts accounts held at the bank by AOB Commerce Inc. and the bank branch manager’s personal investment in AOB Prommissory Notes raised material issues of fact regarding East West’s knowledge and assistance of the fraud.
Judge Berle also rejected East West's contention that the issue of justifiable reliance was not subject to class treatment citing the 2009 In re Tobacco II case as supporting a class wide presumption of reliance. East West Bank is represented by Quinn Emanuel Urquhart & Sullivan, LLP. Dated: January 15, 2014
Julio J. Ramos
OFFICE: Julio J. Ramos Esq.
35 Grove Street, Suite 107
San Francisco CA. 94102