Royal Bank of Canada : Lehman Brothers Reverse Convertible Securities Securities Litigation
On or around 01/06/2011 (Stipulation and order of dismissal (voluntary dismissal))
Filing Date: July 19, 2010
According to the complaint, plaintiff brings this action on his own behalf and on behalf of all other similarly situated individuals, pursuant to Rule 23 of the West Virginia Rules of Civil Procedure. The class consists of all Royal Bank of Canada, RBC Dain Rauscher Inc., and RBC Capital Markets Corporation (hereinafter collectively referred to as "RBC"),clients in all of RBC's aforementioned Ferris Baker Watts ("FBW”) offices who suffered complete losses of their investments in the Lehman Brothers reverse convertible investment.
Specifically, the complaint alleges that RBC owed a fiduciary duty to FBW brokers and their clients with regard to the Lehman Brothers reverse convertible structured product investment. That duty required RBC to notify the brokers in all of its newly acquired FBW branch offices regarding RBC's "no buy" policy concerning the Lehman Brothers reverse convertible structured product.
RBC breached that duty when it failed to notify its newly acquired FBW branches about RBC's "no buy" policy regarding the Lehman Brothers reverse convertible structured product in March of 2010, when it notified all of its other brokerage offices of this policy. As a direct and proximate result thereof, plaintiffs and those similarly situated have suffered sum certain pecuniary losses.
On December 8, 2010, an Order was issued by the Court staying this action, due to a pending settlement.
On January 6, 2011, the action was dismissed with prejudice to the plaintiff and defendant as having been fully compromised and settled, each of the parties hereto to bear his or its respective costs.
Company & Securities Information
Defendant: Royal Bank of Canada
Industry: Money Center Banks
Ticker Symbol: N/A
Company Market: Undetermined
Market Status: Unknown
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.
First Identified Complaint
Scott Ransbottom, et al. v. Royal Bank of Canada, et al.
COURT: S.D. West Virginia
DOCKET #: 10-CV-0924
JUDGE: Hon. Robert C. Chambers
DATE FILED: 07/19/2010
CLASS PERIOD START: 02/14/2008
CLASS PERIOD END: 07/19/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Rosinsky Law Office, L.C.
First Identified Complaint (FIC) Filings:
U.S. District Court Civil Docket
Agreed Order Of Dismissal With Prejudice
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available