Posts belonging to Category Securities Class Actions
Posted by Page PerryonJanuary 24, 2012
In connection with the Medical Capital receivership, the SEC Receiver recently filed its “Proposed Plan for Distribution” (the “Plan”). Unfortunately, the Plan contains some disturbing news for those investors who were pro-active and obtained recoveries against third-parties through litigation (including class actions) or arbitration.
Categories: Common Securities Broker Abuses, Elder Abuses, Investment Advisers, Investor Alerts, Investor Rights, Promissory Notes, Regulatory Developments, Securities, Securities Class Actions, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonSeptember 13, 2011
Investors who bought toxic mortgage-backed bonds from Bank of America’s Countrywide, and homeowners seeking loan modifications are proposing drastic measures to better enable BofA to deal with the onslaught of their litigation without a bankruptcy or a receivership imposed by the Federal Deposit Insurance Corporation. According to a Reuters/CNBC.com article entitled “Will Bank of America […]
Categories: Asset Backed Securities, Bank of America, Brokerage Firms, CDOs, Commercial Mortgage Backed Securities, Common Securities Broker Abuses, Derivatives, Investigations, Investment Advisers, Investor Alerts, Market Developments, Mortgage Backed Securities, Mortgage Securities & Collateralized Debt Obligation Problems, Securities, Securities Class Actions, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools
Posted by Page PerryonJuly 9, 2011
Wells Fargo & Co. has agreed to pay $125 million to a group of pension funds to settle a class action filed by various public pension funds that purchased billions of dollars of mortgage-backed securities believing their money was in AAA-backed investments, according to a Wall Street Journal article by David Benoit entitled “Wells Fargo […]
Categories: Asset Backed Securities, Brokerage Firms, CDOs, Common Securities Broker Abuses, Derivatives, ERISA Fiduciaries and Claims, Investigations, Investor Alerts, Mortgage Backed Securities, Mortgage Securities & Collateralized Debt Obligation Problems, Securities, Securities Class Actions, Securities/Commodities Arbitration, Securities/Commodities Litigation, Wells Fargo
Posted by Page PerryonApril 4, 2011
A Manhattan federal judge has consolidated securities class actions against Goldman Sachs Group Inc. and other affiliated persons (Goldman) and appointed three pension funds as co-lead plaintiffs in a lawsuit relating to a collateral debt obligation called Abacus, according to a Reuters article entitled “Pension funds to lead suit vs. Goldman over Abacus.” The class […]
Categories: Brokerage Firms, CDOs, Common Securities Broker Abuses, Goldman Sachs, Mortgage Securities & Collateralized Debt Obligation Problems, Regulatory Developments, Securities, Securities Class Actions, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonMarch 22, 2011
A suit filed in federal court in Atlanta by a former SunTrust Bank employee and 401(k) plan participant alleges that SunTrust violated federal retirement plan laws by selecting its own high-fee, poorly performing mutual funds for its 401(k) plan. See J. Scott Trubey’s article in the Atlanta Journal Constitution entitled “SunTrust faces suit over operation […]
Categories: Brokerage Firms, ERISA Fiduciaries and Claims, Investor Alerts, Investor Rights, Mutual Funds, Securities Class Actions, Securities/Commodities Arbitration, Securities/Commodities Litigation, SunTrust
Posted by Page PerryonMarch 21, 2011
A federal judge has refused to approve a proposed class action settlement between Securities America and a class of people who purchased hundreds of millions of fraudulent securities issued by Medical Capital and Provident Royalties, that were sold by Securities America. See Dan Levine’s and Joseph Giannone’s article in Reuters captioned, “Judge rejects settlement with […]
Categories: Ameriprise, Brokerage Firms, Common Securities Broker Abuses, Employment Issues, Investment Advisers, Investor Rights, Private Investments/Reg D, Promissory Notes, Securities, Securities America, Securities Class Actions, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonJanuary 21, 2011
In the current economic environment where banks and large financial institutions have received financial bailouts, cash strapped broker dealer Capital Financial Services, Inc. is seeking to get a legal bailout. Despite rules of the Financial Industry Regulatory Authority to the contrary and established judicial precedent favoring arbitration, Capital Financial, an independent broker dealer that sold […]
Categories: Brokerage Firms, Common Securities Broker Abuses, Investment Advisers, Investor Rights, Ponzi Schemes, Private Investments/Reg D, Promissory Notes, Securities, Securities Class Actions, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonNovember 22, 2010
Wall Street may face a wave of lawsuits under an expanded version of the Martin Act, New York’s securities anti-fraud statute, if the newly elected Governor of New York has his way, according to a Wall Street Journal Deal Journal blog entitled, “And the Next Mortal Threat to Wall Street Is’”.
Categories: Ameriprise, Bank of America, Barclays, Brokerage Firms, Charles Schwab, Citigroup/Smith Barney, Common Securities Broker Abuses, Credit Suisse, Deutsche Bank, Fidelity, Goldman Sachs, Investment Advisers, J. P. Morgan Chase, Legg Mason, LPL Financial, Merrill Lynch, Morgan Keegan, Morgan Stanley, Oppenheimer, Raymond James, RBC Dain Raucher, Regulatory Developments, Securities, Securities America, Securities Class Actions, Securities/Commodities Arbitration, Securities/Commodities Litigation, State Street, SunTrust, TD Ameritrade, UBS, Wachovia, Wells Fargo
Posted by Page PerryonJuly 18, 2010
A United States District Court judge has ruled that a class action may proceed against Citigroup and others for making an array of material misrepresentations and omissions in public offering materials associated with bonds purchased by the plaintiffs (Reuters, “Judge Rules Bondholders Can Pursue Citigroup Suit,” July 12, 2010).
Categories: Auction Rate Securities, Bonds, Brokerage Firms, CDOs, Citigroup/Smith Barney, Common Securities Broker Abuses, Derivatives, Mortgage Securities & Collateralized Debt Obligation Problems, Securities, Securities Class Actions, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonMay 31, 2010
In response to recent concerns over high-risk private offerings such as Medical Capital and Provident Royalties, the Financial Industry Regulatory Authority (FINRA) has issued a Notice to Members (NTM-10-22) that reminds brokerage firms of their obligations to investigate private placements before allowing their representatives to sell those investment products. However, FINRA only regulates registered broker-dealers, […]
Categories: Brokerage Firms, Common Securities Broker Abuses, Investment Advisers, Ponzi Schemes, Private Investments/Reg D, Securities, Securities Class Actions, Securities/Commodities Arbitration, Securities/Commodities Litigation