Umpqua Bank PFI Class Action Lawsuit

The lawsuit, filed in 2020, is a class action on behalf of over 1,200 PFI investors. Plaintiffs argued 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. Plaintiffs alleged that Umpqua Bank knew of the fraudulent scheme yet continued to provide banking services to PFI anyway. 

On December 16, 2022, the Court ruled that the investors would be certified as a class and that the lawsuit could 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.  

After nearly five years of litigation, the case culminated in a four-week jury trial in February 2025. At trial, the class sought damages of up to $149.4 million and up to $218.7 million in prejudgment interest. 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.

We anticipate checks will be mailed to class members in November 2025. Class members do not need to take any additional steps to receive their share of the settlement but should update us with any changes to their mailing address as soon as possible.

All links lead to PDFs:

• Camenisch Complaint (Class Action Lawsuit)
  • Order Denying Summary Judgment & Granting Class Certification
  • Order Re Choice of Law & Prejudgment Interest Claim
  • Preliminary Approval Order
  • Final Approval Order