Securities America Seeks to Resolve Arbitration Cases Involving Medical Capital and Provident Royalties

Last week, a federal court rejected Securities America's attempt to force arbitration claimants to abandon their cases and require them to participate in a class action settlement that would allow defrauded investors to recover only one-eighth (1/8) of their $400 miilion in losses due to investments in Medical Capital Holdings, Inc. and Provident Royalties. Securities America's effort to extinguish investors' arbitration rights came on the heels of a customer's $1.2 million arbitration award, which included punitive damages, against the firm for allegedly fraudulent sales of Med Cap securities. Faced with the prospect of Yesterday, Investment News reported that Securities America has now proposed a settlement of all of the individual investor arbitration claims by offering the claimants nearly 50% of their losses. This offer represents a significant increase from the last offer Securities America made before the federal court ruled last week. While Securities America's proposal represents its attempt to manage its exposure by settling for a sum certain, the offer was reportedly extended only to investors with existing arbitration claims, and does not provide for claims that may yet be filed in the future. Investors who have lost money in Med Cap and Provident investments and who believe they have claims agaisnt Securities America and its parent, Ameriprise Financial, should contact an investment fraud lawyer to investigate their claims.

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Securities America Seeks to Resolve Arbitration Cases Involving Medical Capital and Provident Royalties

Last week, a federal court rejected Securities America's attempt to force arbitration claimants to abandon their cases and require them to participate in a class action settlement that would allow defrauded investors to recover only one-eighth (1/8) of their $400 miilion in losses due to investments in Medical Capital Holdings, Inc. and Provident Royalties. Securities America's effort to extinguish investors' arbitration rights came on the heels of a customer's $1.2 million arbitration award, which included punitive damages, against the firm for allegedly fraudulent sales of Med Cap securities. Faced with the prospect of Yesterday, Investment News reported that Securities America has now proposed a settlement of all of the individual investor arbitration claims by offering the claimants nearly 50% of their losses. This offer represents a significant increase from the last offer Securities America made before the federal court ruled last week. While Securities America's proposal represents its attempt to manage its exposure by settling for a sum certain, the offer was reportedly extended only to investors with existing arbitration claims, and does not provide for claims that may yet be filed in the future. Investors who have lost money in Med Cap and Provident investments and who believe they have claims agaisnt Securities America and its parent, Ameriprise Financial, should contact an investment fraud lawyer to investigate their claims.

Read more detail on Recent Banking and Finance Law Posts –

Legal notice about the Securities America Seeks to Resolve Arbitration Cases Involving Medical Capital and Provident Royalties rubric : Hukuki Net Legal News is not responsible for the privacy statements or other content from Web sites outside of the Hukuki.net site. Please refer the progenitor link to check the legal entity of this resource hereinabove.

Do you need High Quality Legal documents or forms related to Securities America Seeks to Resolve Arbitration Cases Involving Medical Capital and Provident Royalties?

This entry was posted in Banking and Finance law and tagged , , , , , , , , , , . Bookmark the permalink.

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