Following a proposal submitted last month by the Receiver, an order has established how much Zeek’s Rewards’ net-winner class will have to pay back.
The order makes no amendments to the Zeek Receiver’s initial proposal, which had already been signed off on by attorneys representing the 9000 strong net-winner class.
As written in the order granting the proposed process, here’s how the amount Zeek Rewards’ net-winners will have to return to their victims will be calculated:
The amount of net winnings received by each Net Winner Class member shall be calculated in the same manner as the Final Judgments entered against the named Net Winners in this action.
Specifically, Net Winnings shall be calculated as total cash paid-out by RVG less outside cash (excluding reinvested funds generated as part of the ZeekRewards Program) used to purchase VIP bids, retail bids, and subscriptions (VIP bids + Retail bids + Subscriptions).
Each Net Winner Class member’s net winnings shall be the total amount of the net winnings associated with their respective usernames, aggregated first by matching usernames with the same valid nine-digit Social Security numbers (SSN) in the ZeekRewards database and then including additional usernames associated with the same class member based upon
the “Payee” field in the ZeekRewards database.
On or before January 31, 2017, the Receiver shall notify each Net Winner Class member of the amount of their ZeekRewards Net Winnings as reflected in the available books and records of the RVG Receivership.
The Receiver shall notify each member of the Net Winner Class of the amount of their Net Winnings by email to the email address provided by the net winner in connection with any account included in determining the amount of Net Winnings as well as any other email address that has been provided by the net winner following the appointment of the Receiver.
The Receiver shall also post a link on the Receivership website that allows class members to receive notification of the amount of their Net Winnings.
In the event that the notice cannot be delivered to any email address provided by the Net Winner, the Receiver shall send a letter to the last known physical address of the Net Winner informing the Net Winner of the proceedings and the availability of the amount of his or her Net Winnings on the Receivership website.
Class Counsel for the Net Winner Class shall (i) post a notice on the Net Winner Class website describing the process set forth herein and (ii) communicate to the Net Winner Class the availability from the Receiver of the Net Winnings amount for each class member.
Class Counsel shall not be required to provide the amount of Net Winnings to each class member or otherwise communicate with class members.
The Court finds these multiple means of notice to be fair, appropriate and the best notice that is practicable under the circumstances.
On or before March 31, 2017 (or at least 60 days following the initial email transmi
🤖 Quick Answer
What is the clawback amount process established for Zeek Rewards net-winners?A court order has defined how net-winners from Zeek Rewards must repay funds to victims. The process, based on the Receiver's proposal and approved by net-winner class attorneys, calculates net winnings as total cash payouts minus outside cash, excluding reinvested funds. The methodology mirrors the final judgments entered against named net-winners in the litigation.
🔗 Related Articles
- Why Vemma hasn’t restarted business operations yet
- Brent Willis settles NewAge fraud with SEC for $175,000
- Eddy Alexandre’s initial court appearance and what’s next
- $314,228 Canadian Zeek net-winner’s $2800 settlement offer rejected
- Athene Network Ponzi sued for trademark infringement