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Equitybuild $3.75M Settlement: Overview of Claims

Equitybuild lawsuit settlement: Wells Fargo to create a $3.75 million fund for affected investors. Submit claims by June 8, 2023.

Equitybuild $3.75M Settlement: Overview of Claims
Updated on
Published on

Settlement Terms

  • Status:
    Closed
  • Award:
    Varies
  • Is Proof Required?
    Yes
  • Claim Deadline:
    June 8, 2023
    Not Set
  • Days Left to File Claim:
    0
  • Settlement Amount:
    $3,750,000
  • Final Approval:
    July 13, 2023
Settlement summaries by Claim Depot are written for people who might be eligible to claim class action settlement awards. Our goal is to provide the reader all relevant information about the settlement so they can claim their lawsuit funds. Claim Depot uses artificial intelligence (AI) to extract data from the vast amounts of text on the Official Settlement Website and in the court documents. Then, our writers, who are licensed attorneys, write the summary in plain English so the greater public can better understand their rights.

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.

Case Facts

  • Case Number:
    4:19-cv-01973
  • Filing Date:
    April 12, 2019
  • Jurisdiction:
    U.S. District Courts
  • State:
    California
  • Court:
    California Northern District
  • Plaintiff:
    Annie Chang
  • Defendant:
    Wells Fargo Bank, N.A.
  • Plaintiff Firm:
    Goldman Scarlato & Penny, P.C.
  • Claims Admin:
    EquityBuild Settlement C/O Rust Consulting, Inc. - 7691 PO Box 2599 Faribault, MN 55021-9599 1-833-472-1991 admin@equitybuildsettlement.com
  • Defendant Firm:
    McGuireWoods, LLP
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Will Gendron
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Settlement Agreement

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Settlement Agreement

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