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Securities

Five Hands Reaching for Five Pieces of a Pie

When a mutual insurance company is converted to a stock insurance company, the plan may be complicated. The complaint for this class action alleges that when Fidelity Life Association underwent its conversion, the results were not what the mutual members believed would happen. The complaint brings suit against Fidelity Life and its Members Mutual Holding Company, along with conversion plan players Vericity, Inc., Apex Holdco, LP, and ten individuals.

Security Benefit Headquarters Building

This class action is about certain equity-indexed deferred annuities (EIAs) sold by Security Benefit Life Insurance Company. The complaint alleges that Secure Benefit provided deliberate misinformation on the annuities’ potential performance while rigging the rules for them so that they provided little or no return. The complaint alleges violations of the Racketeering Influenced and Corrupt Organizations (RICO) laws.

Colorful Fiber Optic Cables

Publicly-held companies—those who sell their stock to the general public—are required to make regular reports on those companies and to disseminate only truthful information about their practices, finances, condition, and other matters. The complaint for this class action alleges that Uniti Group and its CEO and CFO  

Match Logo

Where do securities and love intersect? In this complaint, which alleges that Match Group, Inc., the dating and matchmaking company, violated the Securities Exchange Act of 1934. The complaint claims the company made false or misleading statements to investors and failed to disclose adverse information, in order to boost the price of its securities.

Company Name "Raymond James" on Brick Building

This settlement resolves two different class actions, one against Raymond James and Associates and the other against Raymond James Financial Services. The complaints made similar allegations, that is, that Raymond James charged a “processing fee” to customers who took part in its Passport Investment Account Program, sometimes labeled as a miscellaneous fee on trade confirmations.

Five-Euro Notes

The complaint for this class action brings suit against Bank of America, Merrill Lynch, the Royal Bank of Scotland (RBS, now NatWest Markets), and other financial companies for an alleged anticompetitive scheme to fix the price of Euro-denominated bonds issued by European central banks and sold in the US. 

Roll of Cash Beside Sign Saying "Dividend"

How do you value shares of an investment over time if the shares are not traded on an open market? The complaint for this class action alleges that units of Apple REIT Nine, Inc. (A-9) were overvalued, and that when investors chose to receive dividends in the form of more units rather than cash, they were shortchanged.

SEC Building

How is it that a company touted as a stable, secure investment “collapsed in spectacular fashion and was shut down by the Securities and Exchange Commission” (SEC)? Aequitas did so, losing its investors hundreds of millions of dollars. The complaint for this class action alleges that secondary responsibility for the losses belongs to other companies who in various ways aided, promoted, or allowed its misrepresentations.

Building for Ohio National

When a person or firm is laid off, what happens to any unpaid commissions they might have earned? The complaint for this class action says that Ohio National Life Insurance and related companies simply stopped paying the insurance commissions to securities representatives when it terminated its selling agreements with their companies. The complaint calls this breach of contract and unjust enrichment.

Example of Bond Certificate

At times, government-sponsored enterprises (GSEs) issue bonds to fund what the complaint for this class action calls “economic and public policy mandates.” The complaint for this class action claims that dealers in these bonds conspired to fix their prices in a way that would earn the dealers more money, in violation of antitrust laws.

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