Camenisch v. Umpqua Bank

If you received a notice, records from PFI and PISF indicate that you invested with PFI and PISF and did not receive your full investment back. The notice explains that the Court has allowed, or “certified,” a class action lawsuit which may affect you. You have legal rights and options that you may exercise before the Court holds a trial. The trial is to decide whether the claims being made against Umpqua Bank are correct.

Judge Richard Seeborg of the United States District Court for the Northern District of California is overseeing this class action. The lawsuit is known as Camenisch et al. v. Umpqua Bank, Case No. 3:20-cv-5905-RS (AGT).

In a class action lawsuit, one or more people called “Class Representatives” sue on behalf of themselves and other people who have similar claims. The people together are a “Class” or “Class Members.” The people who sued—and all the Class Members like them—are called the Plaintiffs. The company they sued (in this case, Umpqua Bank) is called the Defendant. One court resolves the issues for everyone in the Class—except for those people who choose to exclude themselves from the Class.

No money is available now because the Court has not yet decided whether Umpqua Bank did anything wrong, and no settlement has been reached. There is no guarantee that money will ever be obtained. If money is obtained for the Class, Class Members will be notified about that and what to do.

In the lawsuit, the Plaintiffs say that between 2007 and 2020, PFI and PISF were running a fraudulent Ponzi scheme that used new investors’ money to pay existing investors, cover shortfalls in unrelated bank accounts, and personally enrich the companies’ principals.

The Plaintiffs allege that Umpqua Bank had actual knowledge of the fraudulent Ponzi scheme, yet continued to provide banking services to PFI and PISF.

The Plaintiffs are seeking to recover the money Class Members invested with PFI and PISF and have not gotten back, plus interest.

Umpqua Bank denies that it did anything wrong and says that it did not know about any wrongdoing by PFI and PISF.

The Court has not decided whether Umpqua Bank or the Plaintiffs are correct. By establishing the Class and issuing notice to Class Members, the Court is not suggesting that the Plaintiffs will win or lose this case.

As long as the case isn’t resolved by a settlement or otherwise, Plaintiffs will have to prove their case at a trial. During the trial, a jury or the judge will hear all of the evidence to help them reach a decision about whether the Plaintiffs or Umpqua Bank are right about the claims in the lawsuit. There is no guarantee that the Plaintiffs will win, or that they will recover any money.

Trial is scheduled to begin on February 3, 2025, and will continue for 3-4 weeks.

The Court has scheduled the Final Pretrial Conference to occur on January 15, 2025.

The Court decided that people who invested money with PFI and PISF are Class Members if:

• Their investment was through secured or unsecured debt instruments or an LLC membership purchase agreement;
• They did not recover the principal amount of their investment prior to July 14, 2020; and
• They had a valid, allowed claim in the bankruptcy proceedings, jointly administered under Case No. 20-bk-30604.

Excluded from the Class are commercial lenders to PFI and PISF. Note that some Class Members invested directly with PFI or PISF and others through limited liability companies where PFI was a managing member. You can read the Court’s order certifying the Class on the Important Documents page.

If you are still not sure whether you are included, you can get free help by calling or writing to the lawyers in this case at the phone number, email address, or mailing address listed in FAQ 16.

The deadline to request exclusion from the class has passed.

The Court appointed the law firms Gibbs Law Group LLP (in Oakland, California) and Silver Law Group (in Coral Springs, FL) to represent you and all Class Members in this case. Together the law firms are called “Class Counsel.” They are experienced in handling class actions and similar cases. You can find more information about Class Counsel at www.classlawgroup.com and www.silverlaw.com.

Class Counsel can be reached about this case as indicated in FAQ 16. If you do not exclude yourself from the Class, you will be represented by Class Counsel in this lawsuit. If you prefer to represent yourself or be represented by your own lawyer in a lawsuit against Umpqua Bank, you may exclude yourself from the Class and represent yourself or hire your own lawyer.

If Class Counsel get money for the Class, they may ask the Court for attorney’s fees and expenses. You won’t have to pay these fees and expenses. If the Court grants Class Counsel’s request, the fees and expenses would be either deducted from any money obtained for the Class or paid separately by Umpqua Bank.

Review the Important Documents page to find important documents in the case. You may also speak to Class Counsel by calling, emailing, or writing the following attorneys:

Amy M. Zeman
 1-510-350-9721
 amz@classlawgroup.com

Linda P. Lam
 1-510-350-9722
 lpl@classlawgroup.com

GIBBS LAW GROUP LLP
1111 Broadway, Suite 2100
Oakland, California 94607

Please do not contact Umpqua Bank or the Court about the notice or the lawsuit. Neither Umpqua Bank nor the Court will respond to any questions regarding the notice or the lawsuit.