International Payout Systems (i-Payout), TD Bank and Telecom Logic have reached a settlement with the ongoing TelexFree class-action.

Specific defendants that have settled are:

  • Telecom Logic
  • Ryan Mitchell (owner & President of Telecom Logic)
  • International Payout Systems (aka i-Payout)
  • Eddie Gonzales (President of i-Payout)
  • Natalia Yenatska (COO & Compliance Officer of i-Payout)
  • TD Bank, N.A.

Anthony Cellucci has been appointed Class Representative as per an October 3rd order by District Judge Hillman.

In the same order, District Judge Hillman set the following schedule:

  • the affected class must be notified by November 2nd, 2023;
  • the affected class has until December 7th to exclude themselves and/or object to the settlement;
  • settling Defendants have until January 2nd, 2024 if they wish to withdraw from the settlement;
  • a memorandum in support of final approval of the reached settlement is also due on January 2024; and
  • a fairness hearing for the settlement will be held on February 6th, 2024

Details of the reached settlement are expected to be made public in the January 2nd memorandum filing.

 

Update 10th February 2024 – I don’t have details of the settlement but, as per the scheduled February 6th fairness hearing, the court found “the proposed settlement is fair, reasonable, and adequate.”