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Distribution payments are being delayed due to unresolved Traffic Monsoon victim claims.

A Special Master will now deliberate on 508 outstanding claims as the court has instructed.

as stated in a motion filed on July 29th by the Traffic Monsoon Receiver;

People claiming to be investors in Traffic Monsoon filed a total of 23,220 Proofs of Claim to the Receiver.

There are presently 508 Investor Claims stating claims that have not been settled.

Because the Receiver objected to each Investor Claim by the Approved Objection Procedures, the claimant responded, and the disagreement has not been settled through the Receiver’s approved settlement authority or in any other way, each Investor Claim is currently an Unresolved Claim.

I believe that most of these claims, if not all of them, are made by persons who are either trying to trick the system or investors who are holding onto imaginary ROI balances.

following a Status Conference on July 8;

Due to the number of unresolved claims and the state of the magistrate judges’ backlogged calendars as a result of the pandemic, the “Court discussed [the] need for appointment of a Special Master” and informed the Receiver that neither the Court nor the magistrate judges of this district will be able to timely review and adjudicate the unresolved claims.

With this knowledge, the Receiver plans to present a motion asking the court to appoint a special master and approve the processes the special master would use to decide and settle the unresolved claims.

The Receiver asserts that Federal Rule of Civil Procedure 53(b)(1) requires that notice of the Court’s intention to appoint a master to be given to the owners of the Unresolved Claims before she can do that, though.

The court agreed on August 2nd to the Receiver’s request, which asked for authority to notify holders of disputed claims of the court’s intention to appoint a Special Master.

The court will now be able to appoint a Special Master to go through the remaining outstanding claims.

Victims of the Traffic Monsoon having legitimate claims can anticipate a resumption of distribution payments after such claims are settled.

There are 18,039 claims for $55.1 million pending as of April 2022. At the time, the Receivership controlled $50.1 million.

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