Girard Gibbs LLP Announces Distribution of $80 Million Class Action Settlement

Girard Gibbs LLP Announces Distribution of $80 Million Class Action Settlement - 1/19/2012

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HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

SETTLEMENT NEWS:

Girard Gibbs LLP Announces Distribution of $80 Million Class Action Settlement, Plaintiffs recover meaningful percentage of Ponzi scheme losses
Staff Writer

Enhanced Online News. January 19, 2012
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EXCERPT The law firm of Girard Gibbs LLP today announced that two years after bringing a class action case against Securities America, Inc., its corporate parent Securities America Financial Corporation and Ameriprise Financial, Inc., over 2,000 investors throughout the U.S. are receiving checks totaling $80 million. Investors will recover an average of over $30,000 per person. “We commend our adversaries for coming to the settlement table in good faith and negotiating a fair compromise with all the affected investors.” The distribution represents the last chapter of a lawsuit filed by Securities America customers who purchased private placement investments in Medical Capital Notes and Provident Royalties, which were both revealed to be Ponzi schemes. Girard Gibbs and associated counsel represented the investors and won final approval of the $80 million settlement in Federal District Court in Dallas, Texas on July 25, 2011. “We are pleased that our clients will recover a substantial percentage of their losses within two years of the date this litigation got underway,” said Daniel Girard, senior partner at Girard Gibbs. “We commend our adversaries for coming to the settlement table in good faith and negotiating a fair compromise with all the affected investors.” The settlement allows investors to recoup losses independent of any recovery obtained through receiverships. […]

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