East-West Bank Class Action Remanded To State Court

PRLog (Press Release) - Nov 04, 2009 -
SAN FRANCISCO CA:  Attorneys Julio J. Ramos and Steven M. Nunez obtained a legal victory in a class action complaint initially filed in Los Angeles Superior Court against East West Bancorp and officers of the bank for the substantial aiding and abetting of a $45 million Ponzi-Scheme.
After extensive briefing and evidence gathering by plaintiff’s attorneys, Judge Snyder ruled that “plaintiff’s have met their burden under CAFA.  In particular, plaintiffs have shown that California Citizens comprise more than one-third and less than two-thirds of the proposed class.”  Judge Snyder further added that plaintiffs “have also demonstrated that the majority of factors set forth in 28 U.S.C Section 1332(d)(3) militate toward remand.”  
Plaintiff’s attorney Julio J. Ramos stated “our client’s are happy that a Los Angeles County Court has the case, and they look forward to a trial by jurors from the community.”
Dated:  November 5, 2009