Broker-Dealer To Pay $21M To End Offering Actions

Law360 (February 18, 2011, 1:43 PM EST) -- Embattled broker-dealer Securities America Inc. has agreed to pay roughly $21 million to settle three putative class actions alleging the company made false statements in connection with the sale of billions of dollars of ruinous securities offerings.

On Thursday, plaintiffs urged Judge Royal Furgeson of the U.S. District Court for the Northern District of Texas to approve the settlements, which would provide class members with a share of cash payments as well as a percentage of Securities America's future earnings.

If Securities America, a wholly owned subsidiary of Ameriprise Financial Inc., manages to recover $4 million in excess liability insurance proceeds...

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