by Structured Settlement Watchdog®
Structured settlement purchasers continue to generate an ample supply of "stink with a smile"
Laborers Pension Trust Fund of Northern Nevada has filed the latest shareholder derivative action on behalf of nominal defendant BofI Holding, Inc. (“BofI” or the “Company” ) for breach of fiduciary duty, corporate waste and unjust enrichment. Defendants are BofI’s directors – Theodore C. Allrich, James S. Argalas, John Gary Burke, James J. Court, Uzair Dada, Paul J. Grinberg, Nicholas A. Mosich and Edward J. Ratinoff – and its top officers – Gregory Garrabrants, Andrew J. Micheletti, Eshel Bar-Adon, John C. Tolla and Derrick K. Walsh 3:16-cv-00259-BTM-RBB filed February 2, 2016.
Related cases include:
DeYoung v. Garrabrants, et al., and BOFI Holdings, Inc. 3:16-cv-00163-WQH-JMA January 22, 2016
Yong v. Garrabrants, et al., and BOFI Holdings, Inc. 3:16-cv-00241-BEN-WVG January 29, 2016
Calcaterra v Garrabrants et al. and BOFI Holdings Inc. 3:15-cv-20722-BAS-NLS December 3, 2015
Alleged Violations of California Structured Settlement Protection Act | Penal Code 632
According to the pleadings, on or about December 19, 2013, internal auditor Erhart and his manager Jonathan Ball (“Ball”) were summoned to a meeting with Eshel Bar-Adon, BofI’s Chief Legal Officer. Bar-Adon instructed both employees to remove evidence of the violation of California Penal Code §632 from the Structured Settlements and Lottery Audit. When Ball informed him that Internal Audit could not do that, Bar-Adon instructed Erhart to mark the entire report “Attorney Client Privileged,” stating that the finding could be discoverable in class action litigation against BofI. In addition, Bar-Adon instructed Erhart not to speak to any employee in the Structured Settlements and Lottery Department with whom he was friendly
How are consumers supposed to have faith in structured settlement protection acts if the companies who solicit them are engaging in questionable business conduct?
NASP Member BofI Federal Bank Sued by "Whistleblower" Who Audited Structured Settlements and Lotteries Feb 8, 2016