An excellent blog that Alabama residents should know about is the Stock Broker Fraud Blog by lawyers out of Texas. There is a post from last week which affects residents of every state, including Alabama.
This post concerns a settlement with Edward Jones securities firm with a deadline to "opt out" of the settlement by June 11, 2007, or the class members will receive about 18 dollars. As stated in the post,
Language in the proposed settlement indicates the Edward Jones firm may be seeking to exempt itself from ANY AND ALL CLAIMS which could have been asserted by over 5 million of its current and former clients. Although, none of these clients would have actually signed such an agreement themself, any pending or future lawsuit, arbitration action or other legal claim could potentially be prejudiced by the final language in the settlement agreement.
According to the Notice of Proposed Settlement forwarded to these clients and former clients, based on the information provided the Plaintiffs by Edward Jones, the estimate of recovery per Class Member is approximately 17.99 in cash per former client and $19.86 in "credit vouchers" per current client. However, the actual amount any class action member might receive would vary based a based on a large number of factors.
According to the Notice of Proposed Settlement, CLIENTS AND FORMER CLIENTS OF EDWARD JONES MUST TAKE IMMEDIATE ACTION BEFORE JUNE 11, 2007, to avoid being included in this settlement. In class actions, THOSE WHO TAKE NO ACTION prior to the "opt out" date almost always ARE PREVENTED FROM SEEKING ANY OTHER RECOVERY for claims which are ultimately exemped as part of the class action settlement agreement.
[NO INVESTOR SHOULD ACT TO OPT OUT OF A CLASS ACTION OR DECIDE TO REMAIN A PART OF THE ACTION WITHOUT LEGAL ADVICE REGARDING THEIR OWN SITUATION. THE INFORMATION PROVIDED HEREIN IS NOT INTENDED AS SUCH LEGAL ADVICE.]
If you are an Alabama resident who has done business recently with Edward Jones then you should investigate your options as that deadline is fast approaching.
