Class Certification Denied in $155 Million Carbon Capture Ponzi Scheme: Individualized Reliance Issues Predominate Over Common Questions

A magistrate judge recommended denying class certification for investors who purchased interests in FIC partnerships promoting carbon capture technology, finding that individualized issues would predominate over common questions despite plaintiffs' arguments regarding the Texas Securities Act. The putative class action targets advisory professionals and banks who allegedly facilitated Roy Hill and Eric Shelly's $155 million Ponzi scheme involving non-working carbon capture unit prototypes that raised funds from over 500 investors nationwide.