Securities America Settles 3 Class Actions For $150M

Law360, New York (April 19, 2011, 9:27 PM EDT) -- One month after a $21 million settlement was rejected, investors suing Securities America Inc. asked a Texas federal court to approve a $150 million deal that would end three putative class actions and more than 270 arbitration proceedings against the broker-dealer.

Under the terms of the proposed settlement, Securities America and its parent company Ameriprise Financial Inc. would pay $80 million in an opt-out settlement to class members and $70 million directly to investors who began individual arbitration proceedings.

The motion was filed exactly one month...
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