Merrill Lynch (MER) has arrived at an “agreement in principle” to resolve the class action lawsuit filed by John Burnette and Scott Chambers over deferred compensation that they contend that the brokerage firm refused to pay them after it merged with Bank of America (BAC) in 2008 and they left…
The former executives of IndyMac Banccorp have consented to settle class-action securities lawsuit related to bank holding company’s collapse when the housing bubble burst. Per the settlement terms, the financial firm’s insurer will pay investors $6.5 million in cash. IndyMac shareholders had gone after ex-CEO Michael Perry and ex-finance officer…
Evergreen Investment Management Co. LLC and related entities have consented to pay $25 million to settle a class action securities settlement involving plaintiff investors who contend that the Evergreen Ultra Short Opportunities Fund was improperly marketed and sold to them. The plaintiffs, which include five institutional investors, claim that between…
Ever since the US Supreme Court ruled in Morrison et al v National Australia Bank Ltd et al that claimants not residing in the United States or American citizens who purchased shares on a foreign exchange can’t settle or litigate their case in the US, these parties have been seeking…
In a reversal of a district court’s decision, the U.S. Court of Appeals for the Fifth Circuit ruled that the Securities Litigation Uniform Standards Act does not bar the investor state law class action lawsuit that was filed by victims of R. Allen Stanford’s Ponzi scheme. The case is Roland…
According to a report published by Cornerstone Research, there has been a decline not just in the number of securities class action settlements that the courts have approved, but also in the value of the settlements. There were 65 approved class action settlements for $1.4 billion in 2011, which, per…
According to Investment News, the amended complaint of a prospective securities class action case is claiming that the nontraded REITs sold by David Lerner Associates Inc. used investor distributions and borrowed from a credit line to fulfill the targeted dividend payout. The broker-dealer is accused by the Financial Industry Regulatory…
A district court has ruled that Belmont Holdings Corp. v. SunTrust Banks Inc., a putative class securities action claiming that a 2008 SunTrust (STI) securities’ offerings documents contained faulty financial disclosures, can proceed. According to Judge William Duffey Jr. of the U.S. District Court for the Northern District of Georgia,…
Our securities fraud lawyers would like to remind you that if you want to opt out of the $100M class action settlement with Oppenheimer Mutual Funds you have to do so by August 31, 2011. OppenheimerFunds Inc. agreed to pay that amount over accusations that it mismanaged its Oppenheimer Champion…
Recently, our stockbroker fraud law firm reported on the $100 million class action settlement that Massachusetts Mutual Life Insurance Co.’s OppenheimerFunds Inc. has agreed to pay to settle allegations that it did not properly manage its Oppenheimer Core Bond Fund (OPIGX) and Oppenheimer Champion Fund (OCHBX, OPCHX and OCHCX). The…