Salespeople who were involved in the $1 billion TelexFree multi-level marketing scheme for internet call technology were not successful in their bid to engage Bank of America NA in their extensive lawsuit against banks and other organizations and individuals.
As reported by Bloomberg Law, the court presiding over the cases has allocated counsel costs and attorney fees related to pending class settlements with TD Bank NA, payment processor International Payout Systems Inc., and Telecom Logic LLC, totalling an approximate $95.5 million in worth.
However, Judge Timothy S. Hillman of the US District Court for the District of Massachusetts allowed less than the $31.8 million fee award that the plaintiffs’ counsel initially requested.
TelexFree was a telecommunications company that provided Voice over Internet Protocol (VoIP) services. The company is infamous for its operations as a Ponzi scheme, hiding behind its legitimate business operations to defraud investors.
As the legal procedures surrounding the TelexFree case continue, interested parties across the legal and business spheres are closely monitoring for any significant developments.