The law firm of Girard Gibbs LLP today announced that two years after
bringing a class action case against Securities America, Inc., its
corporate parent Securities America Financial Corporation and Ameriprise
Financial, Inc., over 2,000 investors throughout the U.S. are receiving
checks totaling $80 million. Investors will recover an average of over
$30,000 per person.
The distribution represents the last chapter of a lawsuit filed by
Securities America customers who purchased private placement investments
in Medical Capital Notes and Provident Royalties, which were both
revealed to be Ponzi schemes. Girard Gibbs and associated counsel
represented the investors and won final approval of the $80 million
settlement in Federal District Court in Dallas, Texas on July 25, 2011.
“We are pleased that our clients will recover a substantial percentage
of their losses within two years of the date this litigation got
underway,” said Daniel Girard, senior partner at Girard Gibbs. “We
commend our adversaries for coming to the settlement table in good faith
and negotiating a fair compromise with all the affected investors.”
For more information, please access the firm’s web site at www.GirardGibbs.com.
No comments:
Post a Comment