Royal Fund, Stephenson Ventures allege CarePayment Holdings notes were sold in violation of Oregon law

By Jenie Mallari-Torres | Dec 14, 2018

NEW YORK (Legal Newsline) – Two limited partnerships based in Nevada are seeking to recover losses they allege were the result of a scheme.

Royal Fund LP and Stephenson Ventures filed a complaint on Nov. 30 in the U.S. District Court for the Southern District of New York against Deloitte & Touche LLP and Sidley Austin LLP alleging violation of the Oregon Securities Law.

According to the complaint, the plaintiffs allege that they were injured as a result of being enticed to purchase notes from CarePayment Holdings LLC, an affiliate of Aequitas Commercial Finance LLC, which operated as a fraudulent scheme selling more than $600 million in “notes” and other securities to investors such as plaintiffs.

The plaintiffs allege the defendants' participation and assistance made the sales possible and the securities were sold in violation of Oregon Securities Law.

The plaintiffs hold Deloitte & Touche LLP and Sidley Austin LLP responsible because the defendants allegedly participated in and materially aided unlawful sales of securities.

The plaintiffs request a trial by jury and seek judgment against defendants, award relief, attorney's fees, costs and expenses, expert fees, interest and further relief as the nature of the case may require or as the court deems just. They are represented by Nicholas Porritt of Levi & Korsinsky LLP in New York.

U.S. District Court for the Southern District of New York case number 1:18-cv-11198

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