Case Page

 

Case Status:    SETTLED
On or around 07/21/2003 (Date of order of final judgment)

Filing Date: March 26, 1996

By the Order and Final Judgment, dated February 17, 1998, U.S. District Judge Steven D. Merryday certified the action as a class action and approved the settlement. The action was dismissed with prejudice, without costs to any party, and all defendants were released from all claims. The case was closed. However, according to the docket we have posted, an appeal was filed before the 11th Circuit Court of Appeals. The case was reopened on March 10, 2003, where an order granted a disbursement of $118,885.12 from the class settlement fund to certain plaintiffs. The case was finally closed on July 10, 2003.

On or around June 12, 1996, Judge Steven D. Merryday, ordered to consolidate all 1996 cases with the already consolidated 1994 case. All future papers were filed in with case 94-CV-995.

The suit sought certification as a class-action on behalf of all the customers who bought the Dean Witter U.S. Government Securities Trust from NationsBank's securities subsidiaries between March 25, 1993 and Nov. 15, 1994.

According to the complaint, investors (primarily NationsBank customers) were tricked and misled by commission and quota-driven bankers and brokers into purchasing shares of the Dean Witter U.S. Government Securities Trust.

This lawsuit alleges that NationsBank failed to disclose the risks of the fund, and blurred the distinction between bank products and securities products by using bank-like terms to describe the fund and that brokers working out of NationsBank offices sold the fund without explaining the interest rate risks and market risks of the fund to bank customers, and were trained to dodge direct questions about deposit insurance.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol:
Company Market: Privately Traded
Market Status: Privately Held

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: M.D. Florida
DOCKET #: 96-CV-593
JUDGE: Hon. Steven D. Merryday
DATE FILED: 03/26/1996
CLASS PERIOD START: 03/26/1993
CLASS PERIOD END: 11/15/1994
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy & Squiteri LLP (San Francisco)
    595 Market Street, Suite 2500, Abbey Gardy & Squiteri LLP (San Francisco), CA 94105
    415.538.3725 ·
  2. Alpert, Barker & Calcutt, P.A.
    100 S. Ashley Dr., Alpert, Barker & Calcutt, P.A., FL 33601-3270
    813.223.4131 ·
No Document Title Filing Date
COURT: M.D. Florida
DOCKET #: 94-CV-00995
JUDGE: Hon. Steven D. Merryday
DATE FILED: 07/11/1996
CLASS PERIOD START: 03/26/1993
CLASS PERIOD END: 11/15/1994
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy & Squiteri LLP (San Francisco)
    595 Market Street, Suite 2500, Abbey Gardy & Squiteri LLP (San Francisco), CA 94105
    415.538.3725 ·
  2. Barker, Rodems & Cook, PA (former)
    300 W Platt St, Suite 150, Barker, Rodems & Cook, PA (former), FL 33606
    813.489.1001 813.489.1008 · info@barkerrodemsandcook.com
  3. Calcutt & Calcutt, P.A.
    111 2nd. Ave., N.E., Suite 910, Calcutt & Calcutt, P.A., FL 33701
    727.898.4198 727.823.6353 ·
  4. Chitwood & Harley LLP (Atlanta)
    7945 East Paces Ferry Road, 1400 Resurgens Plaza, Chitwood & Harley LLP (Atlanta), GA 30326
    404.266.1650 · info@chitwoodlaw.com
  5. Donaldson, Guin and Slate, L.L.C. (former)
    220th Street North Suite 1100, Donaldson, Guin and Slate, L.L.C. (former), AL 35203-4014
    205.226.2280 205.226.2350 · mail@dglawfirm.com
No Document Title Filing Date