Camenisch v. Umpqua Bank

The Plaintiffs claim that between 2007 and 2020, PFI and PISF ran a fraudulent 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 knew of the fraudulent scheme, yet continued to provide banking services to PFI and PISF.

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

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.

The Court did not decide in favor of Plaintiffs or Umpqua Bank. The Court held a jury trial in this case in February 2025, which did not result in a win for either side because the jury could not reach a verdict. After that, the Court scheduled a second trial that would be in front of a new jury.

Instead of moving forward with the second trial, Plaintiffs and Umpqua agreed to a settlement. That way, the parties avoid the risk, cost, and delay of further litigation including appeals. Class Counsel believes the settlement is in the best interest of the Class given the risks of the case.

All current Class Members are part of the settlement. Records from PFI and PISF indicate that you are a Class Member, and Class Counsel’s records indicate you did not previously request to be excluded from the Class. You are therefore included in the settlement.

The Court decided that PFI and PISF investors 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 have 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, and individuals who previously asked to be excluded from the Class in 2023.

The settlement provides for Umpqua to pay $55,000,000. Of that, approximately $38,000,000 will be distributed to Class Members. The rest will be used to pay attorney’s fees, costs, and administration expenses as described in Section 11 below, as well as any service payments that the Court decides to award to the Class Representatives.

Yes. The Court appointed lawyers at Gibbs Mura LLP (formerly known as Gibbs Law Group LLP) and Silver Law Group to represent the Class Members. Together, these lawyers are called “Class Counsel.” You do not need to hire your own lawyers because Class Counsel is working on your behalf. You will not be charged for these lawyers. If you want to be represented by your own lawyer, you may hire one at your own expense.

Class Counsel will ask the Court to approve a payment of $13,750,000 (25% of the settlement amount) for attorney’s fees and reimbursement of up to $1,500,000.00 in litigation expenses they incurred throughout this case. Any amounts the Court awards will come out of the $55,000,000 that Umpqua Bank has agreed to pay in settlement. The Court may award less than these amounts, in which case the difference will be added to the payments to the Class Members.

The Court will hold a Fairness Hearing at the United States District Court for the Northern District of California, 280 South First Street, San Jose, CA 95113 in Courtroom 8, 4th Floor. At this hearing the Court will consider whether the settlement is fair, reasonable, and adequate. If there are objections, the Court will consider them. Judge Pitts will listen to people who asked to speak at the hearing. The Court may also decide how much to pay Class Counsel.

The hearing is currently scheduled for 10 a.m. on September 11, 2025. The hearing date may change without further notice to the class. If you plan to attend, you should be sure to check this website for news of any such change. You can also check whether the hearing date has changed by accessing the case docket via the Court’s Public Access to Court Electronic Records (PACER) system at http://www.cand.uscourts.gov/cm-ecf.

After the hearing, the Court will decide whether to approve the settlement. We do not know how long these decisions will take.

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

Wynne Tidwell
 1-510-350-9707
 ewt@classlawgroup.com

GIBBS MURA 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.