Camenisch

UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA 9 SHELA CAMENISCH, et al., Case No. 20-cv-05905-RS Plaintiffs, 11 v. ORDER DENYING MOTION TO DISMISS AMENDED COMPLAINT

UMPQUA BANK,

13 Defendant.

15 Plaintiffs in this putative class action are victims of an alleged Ponzi scheme carried out by Ken Casey through two companies he founded and controlled—Professional Financial Investors, Inc. (“PFI”) and Professional Investors Security Fund, Inc. (“PISF”). Casey is deceased, and PFI and PISF are in bankruptcy. Plaintiffs therefore seek to recover damages from Umpqua Bank, the financial institution that handled all the accounts of PFI and PISF. Umpqua moved to dismiss the original complaint, contending plaintiffs had not alleged sufficient facts to show it had actual knowledge of the Ponzi scheme, that it provided “substantial assistance” to Casey and his companies in the wrongdoing, or that it had knowledge that Casey and the companies were breaching fiduciary…