Posts Tagged ‘ AG Edwards Settlement ’

AG Edwards Settlement has Plaintiffs Ticked Off

March 29th, 2010. By AbiK

And I have to say, I’d be ticked too.

Plaintiffs got a little gift in their mailboxes last week: they received notice of the proposed settlement from the AG Edwards class action. Guess how much some plaintiffs are receiving? The initial report of the proposed settlement put the average payout at $20-25 customer. One commenter at LawyersAndSettlements.com quotes his notice as saying he’ll receive $20.42. You can read the notice yourself at agedwardsclassactionsettlement.com. (Note the name change of the website—prior to the proposed settlement, the site was agedwardsclassaction.com; the URL has been updated to reflect that the case now has a propsed settlement.)

Keep in mind, if you’ve read the comments that came flowing in from our post on where the AG Edwards class action suit was heading, many of the Class Members claim they lost their “life savings” compliments of AG Edwards. And remember, this was back during a class period of 2000 – 2005—not post-2008 when we all saw our savings take a dive.

The AG Edwards class action had been brought against the brokerage firm in 2005 claiming that AG Edwards breached its fiduciary duties to the Plaintiffs (folks who owned AG Edwards accounts) and that AG Edwards was “unjustly enriched by receiving millions of dollars in improper payments from mutual fund companies whose funds were held by Plaintiffs“. The Class Period had covered five years—and getting to a proposed settlement then took five years.

That’s a long time to wait for some resolution and ideally, restitution.

Another aspect of the proposed settlement is what the lawyers’ take will be. Apparently it’s $21 million—plus $600,000 in expenses. That’s 35% of the total proposed settlement of $60 million—and Read the rest of this entry »

Tags: AG Edwards, AG Edwards Settlement, Class Action, Mutual Funds, Wells Fargo
Posted in Class Action, Emerging Issues, Financial, Securities, Settlement | 48 Comments »