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Verdicts & Settlements

Our attorneys served as Plaintiffs’ counsel in a certified class action against a national bank on behalf of a group of investors for damages in the sale of unregistered securities for failure to properly disclose the high fees and costs of the program. The Plaintiffs further alleged the bank advised the introducing broker on the design and content of marketing materials, had a role in drafting documents, participated in sales conventions and was paid as the trustee on trust accounts. The class action ultimately settled for approximately $13 millionRead more. Cifuentes v. Regions Bank, U.S. Dist. Ct. – S.D. FL.

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Our attorneys have served as plaintiff’s counsel in a consolidated securities class action on behalf of investors who purchased securities recommended and sold by Securities America (a subsidiary of Ameriprise Financial during the time of the action) and other financial institutions — recommendations that turned out to be part of a massive Ponzi scheme.  The settlement of that case with Securities America, together with separately filed FINRA arbitration claims, provided approximately $150 million, collectively, to the plaintiffs and the arbitration claimants. Read moreMcCoy, et al. v. Securities America, Inc., et al., U.S. Dist. Ct. – C.D. Cal. Click here for the DBR article


Our attorneys won one of the largest arbitration awards ever entered against an individual broker.  A FINRA panel awarded over $7 million to a group of investors, including more than $4 million in punitive damages, for harm caused by Gary J. Gross based upon what the panel found to be Gross’ “willful and wanton” conduct in “flagrant disregard” of the investors’ rights.  Many of the victims lost their life savings.  For his work on that case, Managing Partner Scott Silver received the Daily Business Review’s Securities Litigator of the Year award in 2009. Read morePaula Casper, et al. v. Gary Gross, et al., FINRA Case No. 06-04334.

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Our attorneys obtained for claimants who invested in fraudulent private placements, including but not limited to Provident Share Royalties, Medical Capital Corporation and DBSI, Inc., a $9,120,466.90 FINRA arbitration award against CapWest Securities, Inc. Read moreMerle Allen, et al. v. CapWest Securities, Inc., FINRA Case No. 09-06962.


On behalf of our clients, our attorneys have pursued over $30 million in claims, and have favorably resolved those claims, against UBS Financial Services relating to its misleading sales of Lehman principal protected notes and other Lehman products to its customers.


Our attorneys obtained for an investor a nearly $1.1 million FINRA arbitration award against Leighton David Applefeld, a then-FINRA registered broker, for gross misconduct and “selling away” (i.e., brokering transactions without the knowledge or permission of his employer).  The award included a substantial sum of punitive damages. Read moreBernice Kramer v. Leighton David Applefeld, et al., FINRA Case No. 07-02447.


On behalf of several Latin American investors, our attorneys have handled over $25 million in claims, and successfully resolved those claims, against various financial institutions located in the United States and its territories abroad.


Our attorneys were plaintiffs’ counsel to over 400 claimants in an action against Doeren Mayhew, a large Midwest accounting firm, wherein the firm was alleged to have failed to perform due diligence so as to recognize that its partners were running a Ponzi scheme, thus costing the unsuspecting investors in excess of $25 million.  This case was recently successfully settled. Read moreAcker, et al. v. Doeren MayhewU.S. Dist. Ct. – E.D. Mich., Case No. 2:08-cv-11261.


Our attorneys serve as Special Litigation Counsel to the Chapter 7 Trustee for the jointly administered bankruptcy estates of three defunct South Florida brokerage companies.  Several principals of the bankrupt entities conspired to operate a Ponzi scheme that ultimately caused over $44 million in damage to unsuspecting precious metals investors.  This case was recently successfully settled. Read moreIn re Certified, Inc.U.S. Bankr. Ct. – S.D. Fla.


Our attorneys aggressively acted as co-counsel for the plaintiff class and successfully resolved an $8,900,000 class action lawsuit against a global depository institution for its failure to properly perform due diligence.


Our attorneys obtained a $676,000 award against multiple parties relating to investments tied to a Ponzi scheme, including a subtantial sum of punitive damages. Jose A. Rivera v. Gallen Merchant Banking, et al., FINRA Case No. 05-04256.


Our attorneys obtained a $750,000 recovery from an NFA registered commodities firm in connection with the firm’s failure to properly monitor an investment portfolio.


Our attorneys obtained a substantial award against Merrill Lynch which included a punitve damage award. Angelo Skulas, et al. v. Merrill Lynch, Pierce, Fenner & Smith, Inc. et al., NASD Case No. 06-02967.


On behalf of an aggrieved investor, our attorneys obtained a large recovery against Morgan Keegan for its flawed recommendation and sale of the RMK Funds properitary products. Gordon H. Sympson v. Morgan Keegan & Company, Inc., FINRA Case No. 10-01871.


Prior results do not guarantee a similar outcome in any current or future case.

 

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