BofA, Wells Fargo, TD Bank can’t dodge TelexFree claims

By Ivan Moreno (August 31, 2022, 9:39 PM EDT) — Bank of America, Wells Fargo and TD Bank cannot avoid charges of aiding and abetting the multibillion-dollar TelexFree Ponzi scheme, a federal judge ordered Wednesday of Massachusetts in a decision that also dropped consulting giants PwC and PNC Bank from the civil case.

U.S. District Judge Timothy S. Hillman said in the 47-page order that plaintiffs in the multidistrict litigation have sufficiently pleaded that the banks continued to operate TelexFree accounts after learning it was a illegal operation.

“The provision of routine banking services generally does not constitute substantial assistance,” Judge Hillman wrote when considering Bank of America’s motion to be…

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