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Securities

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.

Bank of America Logo and Name

This class action concerns a “decade-long” Ponzi scheme that the complaint says was run out of more than a hundred accounts at Bank of America, NA and roughly twenty accounts at Citizens Bank, NA. The complaint names the banks, along with a group of individuals, as being responsible for investor losses, as the banks allegedly facilitated the scheme rather than discovering and stopping it.

TD Ameritrade Logo

This class action centers on a feature in an investment account called tax-loss harvesting. The complaint alleges that TD Ameritrade Holding Corporation and three of its Ameritrade subsidiaries are responsible for losses in an account that was managed by Ameritrade when the tax-loss harvesting feature did not work as intended. 

Siacoin Logo

This is another class action about shady business practices related to cryptocurrencies, this time Siacoin and Decred. Most of the complaint covers broken promises about mining equipment, but the legal allegations center on the charge of the sale of unregistered securities. 

Machine Working to Develop Land

This class action concerns investment offerings known as United Development Funding (UDF), and specifically UDF III. The complaint alleges that the defendants made false statements about UDF III’s success to induce people to invest or to invest more. It backed up the false statements by distributions—which, according to the complaint, were not in fact earnings from UDF III, but money paid for investments in UDF IV and UDF V. Since the securities were never offered for sale on an exchange, certain federal securities laws do not apply. The complaint claims violations of the Texas Securities Act, among other things.

MoneyGram Sign on Building

As the world has become smaller via electronic transactions, fraud and money laundering have become more of a concern for regulators. The complaint for this securities class action claims that MoneyGram International, Inc. provided false or misleading information to shareholders about its fraud- and money laundering-prevention measures. 

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