Securities America Fraud Victims Settle for Little More Than 30 Cents on the Dollar

Block & Landsman by Block & Landsman

Competing claims by customers of Securities America who lost $400 million in allegedly fraudulent securities in Medical Capital and Provident Royalties have finally been resolved. As followed in this blog, the proponents of a class action lawsuit against Securities America and its parent, Ameriprise Financial, sought to force investors who filed their own arbitration proceedings to abandon their own claims and compel them to participate in the class action settlement. The investors in arbitration successful argued for their right to pursue thei...Read More

Banco Santander Pays $9 Million to Settle Claims It Improper Sold Reverse Convertibles To Elderly Investors

Block & Landsman by Block & Landsman

Hardly a week goes by without a report that yet another financial institution has settled claims of selling improper investments to groups of investors, often including senior citizens. This week, the largest bank in Spain, Banco Santander, is reported to have paid $7 million directly to investors and $2 million to the Financial Industry Regulatory Authority ("FINRA") to settle claims that it improper sold high-risk reverse convertibles to elderly, retired investors. Reverse convertibles are risky, high yield, short-term bonds that automatic...Read More