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AX.US
id: 320, Created by Stan Vick Chase, Scout
Axos Financial Inc
Settled
04 September 2013
Class period Start13 October 2015
Class period End07 November 2022
Claim deadlineIn re BofI Holding, Inc. Securities Litigation.
Axos agreed to pay $14.1 million to settle a securities class action lawsuit accusing the Company of deceiving investors about business, operations and compliance policies.
The Complaint alleged that throughout the Class Period, the Company made false and misleading statements or failed to disclose that:
- the Company’s internal controls were frequently disregarded;
- Bank of Internet’s borrowers included foreign nationals who should have been off-limits under federal anti-money-laundering laws;
- many Bank of Internet accounts lacked required tax identification numbers;
- Bank of Internet fired an internal auditor who raised the foregoing issues to management and to federal regulators;
After several years of court proceedings, Axos agreed to settle with investors to avoid further litigation.
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Lead plaintiff
Houston Municipal Employees Pension System
Attorney
Lieff Cabraser Heimann & Bernstein, LLP
Court
Southern District of California
Judge
Hon. Gonzalo P. Curiel
Administrator
JND Legal Administration
Court hearing date
07 October 2022
+$14,100,000
Total Settlement Amount