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Nationwide Class Action Certified Against East West Bancorp

On September 7, 2012 the Los Angeles Superior Court Dept. 323 certified a nationwide class action of over 350 losing investors in the AOB Commerce Inc. investment scheme.

After originally filing a class action complaint against East West Bancorp. for aiding and abetting a ponzi scheme in April 2009, a nationwide class certification motion was granted by the Hon. Elihu M. Berle on September 7, 2012 of the Los Angeles Superior Court.  Plaintiffs are represented by Julio J. Ramos and Steven M. Nunez of the Law Offices of Julio J. Ramos and Ward Hagen LLP respectively. In total $45 million was invested in the scheme that was stopped by the Securities and Exchange Commission in June of 2007. East West is represented by the Quinn Emanuel law firm. A further status conference to set a trial date will take place in the middle of November.  When asked to comment, Mr. Nunez stated ” I believe the Court did the right thing because of the severe financial burdens currently faced by California’s judicial system” “with a single trial, a significant amount of taxpayer resources will be saved”.  A proposed notice to class members will be agreed upon by the respective parties and submitted for Court approval at or before the next case management conference.

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