Umpqua Bank PFI Class Action Lawsuit

In the class action Camenisch et al. v. Umpqua Bank, Umpqua has agreed to pay $55 million to settle claims that it aided and abetted Professional Financial Investors’ (PFI’s) fraudulent scheme. While the settlement is subject to court approval, the agreement is a first step towards financial recovery for the over 1,200 class members.

Case Background

The Plaintiffs argue that PFI ran a fraudulent scheme that used investor money to personally benefit PFI’s executives, pay other investors, and cover recurring shortages across its dozens of accounts at Umpqua. Additionally, the Plaintiffs allege that Umpqua Bank knew of the fraudulent scheme yet continued to provide banking services to PFI anyway.

After nearly five years of litigation, the case culminated in a four-week jury trial in February 2025. However, the jury could not come to a unanimous decision, and the court declared a mistrial on March 4, 2025. The parties agreed to the $55 million settlement shortly after that.

The lawsuit, filed in 2020, is a class action on behalf of over 1,200 PFI investors. On December 16, 2022, the Court ruled that the investors would be certified as a class and that the lawsuit may proceed to a jury trial. The Court’s decision cleared the way for the class of investors to pursue their legal claims against Umpqua Bank in a single trial. At trial, the class sought damages of up to $149.4 million and up to $218.7 million in prejudgment interest.

Next Steps

After the parties finalized the detailed settlement terms, the Plaintiffs submitted the agreement to the Court for preliminary approval on May 2, 2025. The Court will hold a hearing on preliminary approval by Zoom on May 22, 2025. If approved, then formal notice of the settlement will be sent to all class members, who will then have an opportunity to comment on the settlement before the Court holds a second hearing later this year.

Attorneys

Amy Zeman

Amy has built a reputation in the plaintiffs’ bar for delivering results to consumers and sexual assault survivors in class actions and mass torts.

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Linda Lam

Linda focuses her practice on representing consumers, small businesses, and employees in complex litigation.

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Wynne Tidwell

Wynne works with consumers harmed by corporate wrongdoing and financial fraud.

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Scott Silver

Scott, a national leader in securities arbitration and litigation, has recovered over $650 million on behalf of investors in financial fraud claims.

Our Financial Fraud Experience

Gibbs Mura

Gibbs Mura’s financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. The firm has successfully litigated against some of the largest companies in the United States, and has recovered more than a billion dollars on clients’ behalf.

Gibbs Mura attorneys have fought some of the most complex cases brought under federal and state laws nationwide, and have been recognized with numerous awards and honors for their accomplishments, including Top 100 Super Lawyers in Northern CaliforniaTop Plaintiff Lawyers in CaliforniaThe Best Lawyers in America, and rated AV Preeminent (among the highest class of attorneys for professional ethics and legal skills).

Silver Law Group

Silver Law Group is a team of securities lawyers, forensic accountants, and support staff who are dedicated to helping investors recover losses through securities arbitration and litigation.

The firm is led by Scott Silver, a former Wall Street defense attorney who has been representing customers in securities and investment fraud cases since 2002. Scott is admitted to practice in New York and Florida and the firm’s FINRA arbitration attorneys represents investors nationwide.

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