Gard Admin

The Receiver is proposing to enter into a Settlement Agreement with the Anderson Plaintiffs, the Beattie Plaintiffs, Pacific Premier Bank, and Riverview Bank to fully and finally resolve the Anderson Litigation, the Beattie Litigation, the Settlement Appeal, the Contempt Appeal, the Final Contempt Order, the Receiver’s Judgment, the Bank’s Judgment, the Receiver’s Oregon Judgment, and the Bank’s Oregon Judgment and all other known or unknown claims, disputes, and differences between the Receiver, Pacific Premier Bank, and Riverview Bank, on the one hand, and the Anderson Plaintiffs and the Beattie Plaintiffs, on the other.  The Anderson Plaintiffs and the Beattie Plaintiffs are granting releases of the Receiver, Pacific Premier Bank, and Riverview Bank (except their allowed claims as investors in the receivership proceeding), and the Receiver, Pacific Premier Bank, and Riverview Bank are granting releases of the Anderson Plaintiffs and the Beattle Plaintiffs.  The releases are contingent upon certain terms and conditions, as more fully set forth in the Settlement Agreement, including (1) approval of the Settlement Agreement by the Superior Court in the receivership proceeding, (2) dismissal with prejudice of the Anderson Litigation and the Beattie Litigation as against Pacific Premier Bank and Riverview Bank, and (3) dismissal with prejudice of the Settlement Appeal and the Contempt Appeal.  The consummation of the proposed settlement will facilitate the payment of $19 million to the Receiver by Pacific Premier Bank and Riverview Bank under the Receiver’s separate settlement with them, and the Receiver’s distribution of $17 million from those funds on allowed receivership claims, as previously approved by the Superior Court under its orders entered on August 31, 2023.  The notice of the proposed settlement, including a copy of the Settlement Agreement, is available on the Settlements Page.

On February 2, Judge Gregerson reaffirmed his prior ruling that the Anderson 7 had willfully violated the court’s settlement order by attempting to attack the settlement in federal court in Oregon and held that the Receiver and Pacific Premier Bank were entitled to an award of attorneys’ fees in connection with this contempt. On March 7, Judge Gregerson signed two judgments that impose monetary sanctions on the Anderson 7 related to this contempt of court. They are jointly and severally liable for $50,000 to the Receiver and for $50,000 to Pacific Premier Bank under these judgments. This means that the full amount can be collected from any one of the seven members of the group. The Receiver has registered this judgment with the Oregon courts.

On March 28, the Receiver filed its opening brief in the appeal of the $19M bank settlements brought by the Anderson 7. You can find a copy of that brief on the documents page of the Receiver’s website. The next step in the appeals process is for the Anderson 7 to file a reply brief, which is due on May 13. Once all briefs have been filed, the Court of Appeals will set a date for oral argument. It is difficult to predict the timing of the Court of Appeals, but we expect that the Court will schedule the oral argument for some time in the second half of 2024 with a decision to be issued late this year or year next year.

We have updated the Settlement FAQs to reflect the most recent developments in the case. You may review them on the FAQs page.

Pacific Premier Bank sent a letter proposing a global settlement to the Receiver and to the two groups of investors pursuing a case against the bank in Oregon State and Federal Court. The bank suggests that all parties, as well as any interested investors, meet to discuss its proposal no later than next Wednesday, November 8^th. The Receiver will update this website when a meeting is scheduled so that interested investors can attend. The letter is available for download here (PDF).

We have received many questions regarding the settlement agreements and the Oregon civil litigation. To best respond to these and to ensure that everyone has the same set of facts, we have put together a new FAQ sheet (PDF) with questions related to the settlements. It is available on the documents page, as well as on the FAQ section of this website. As always, please feel free to contact the Receiver’s office by phone or email if you have any questions not addressed.