Judge Rejects $21M Securities America Settlement

Law360, New York (March 18, 2011, 10:59 PM EDT) -- A federal judge in Texas rejected a proposed $21 million settlement Friday of three putative class actions against Securities America Inc. that alleged the broker-dealer made false statements in connection with the sale of billions of dollars worth of notes.

After an all-day hearing in the U.S. District Court for the Northern District of Texas, Judge Royal Furgeson issued the ruling from the bench, saying that he could not accept the limited funds settlement, according to Edwin J. Tomko, an attorney for the North American Securities...
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