| Title: | Market Investing |
| Moderator: | 2155::michaud |
| Created: | Thu Jan 23 1992 |
| Last Modified: | Thu Jun 05 1997 |
| Last Successful Update: | Fri Jun 06 1997 |
| Number of topics: | 1060 |
| Total number of notes: | 10477 |
Through the annual reports we found out that 2 companies in which we
have owned stocks were the subject of Class Action Lawsuits. The
problem is we never received anything from our broker. After calling
the broker, they said they will investigate and let us know. That was
in May, 1993. So far no answer. I have a two part question:
1. Is there a centralized place that one could call to see what class
action lawsuits have been filed?
2. What course of action do we have against this broker? Are they
legally responsible?
We have mailed them all the information in writing.
Any help, hint would be appreciated.
| T.R | Title | User | Personal Name | Date | Lines |
|---|---|---|---|---|---|
| 563.1 | BRAT::REDZIN::DCOX | Thu Sep 02 1993 15:02 | 13 | ||
Only two companies? Depending on the industry, many companies are subjects of class action suits. Many of those suits are baseless. Most suits are settled out of court. Most companies have funds set aside to settle claims and case losses are seldom reflected in the share price, I would NOT expect a broker to inform me of class action suits against companies in which I own shares; that is not a broker's job. If the broker promised to do something and has not, then you have in issue with the quality of his service. Go somewhere else. As Always, For What It's Worth,,,,, | |||||
| 563.2 | Shares in Street Name | SWLAVC::HOSSEINI | Thu Sep 02 1993 16:05 | 7 | |
.1 Agree. The only problem is that my shares are kept in Street name
and all the literature goes to them which they in turn will mail me
annual reports, proxies, etc. The other funny think that a friend with
same broker had received the law suit material (infact that's how we
learned about SUN Mircosystems' class action).
Hossein
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| 563.3 | SDSVAX::SWEENEY | Keep back 200 feet | Thu Sep 02 1993 19:53 | 16 | |
There is no responsibility for a broker to do anything but provide you
with a proxy when the company issues one as far as "notice" goes.
In most cases, a (pre-trial/pre-settlement) class action notice applies
only to people who want to "opt out".
On the other hand, if there was a cash settlement arrived at by a
company sued by its shareholders to which you are entitled, and your
broker cashed the check, then that's a serious matter of fraud.
The rules vary: in some cases a legal notice has to be placed in
newspapers like the Wall Street Journal or New York Times or a local
newspaper.
There may also be shareholder litigation newsletters that really track
this but I don't know of any.
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| 563.4 | what's the suit with SUNW? | YUPPIE::CHANDRASEKHA | Wed Sep 08 1993 08:28 | 6 | |
Re 563.2
I know this is unrelated to the base note, but I am curious. What is
the class suit regarding Sun Micrsystems?
... Kris Chandrasekhar.
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| 563.5 | $25 Mil Settlmnt | SWLAVC::HOSSEINI | Wed Sep 08 1993 17:23 | 3 | |
There is a settelement of about $25 Million for those who bought SUN's
stock between January 12, 1989 through July 27, 1989. Looks like
they were ALLEDGEDLY (sp?) misleading investors ;) So they say.
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