Qenta is clearly in breach of the settlement agreement with the Trustee, which requires Qenta to pay all the claims of customers who hold the bank’s mutual funds. Control of the bank’s mutual funds was transferred to Qenta to hold in custody for customers under a purchase and assumption agreement that Qenta terminated before the transaction closed. Despite that termination, the OCIF-appointed Trustee allowed Qenta to retain control based on a promise to liquidate the funds and pay the proceeds directly to customers.
It’s now been over five months since the agreement was signed, and not a single claim has been paid. Not only does the Trustee refuse to file an action against Qenta for breach of his own settlement agreement, but he has also refused to assign his enforcement rights under the settlement agreement to me, even though I have agreed to cover all the litigation costs and prosecute the case myself.