RBC Capital Exits Investors' Contract Breach Suit
Law360 (July 12, 2019, 3:51 PM EDT) -- Brokerage firm RBC Capital Markets LLC wiggled out of a proposed class action accusing it of breaching its contract with investors in how it sold risky, complex securities known as reverse convertible notes when a Minnesota federal judge found that RBC did not break promises to its clients.
Reverse convertible notes are short-term, high-yield investments that offer steady interest rate payments based on the performance of an underlying stock. The investors claimed that as the issuer of the RCNs, RBC Capital was subject to certain financial industry regulations, but it failed to follow these regulations to their detriment.
U.S. District Judge...
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