Class Action Lawsuits
If you or a senior loved one have suffered financial loss due to the actions of a financial advisor, bank, brokerage firm or other financial institution, chances are that you may not be alone. In cases where individuals suffer similar injury by the same party, it can be beneficial to band together to sue the person or group that has caused the mutual harm in what is considered a class action lawsuit.
How does a class action lawsuit work?
When one or more plaintiffs file a lawsuit claiming similar harm against a particular individual or entity, it is possible to have the claim certified as a class action. Specifically, in securities cases, class actions are used against companies providing fraudulent financial statements, those who misrepresent information about investments and stocks to investors, and those who manipulate the market in deceitful ways, among other violations of securities industry regulations.
How do I know if I’m a member of a class action lawsuit?
The individuals who initially file the suit are considered the lead plaintiffs. The lead plaintiffs consult directly with the class action attorneys regarding all facets of the case, including whether or not to accept settlement offers.
When the court (either state or federal) certifies the lawsuit as a class action, the court then requires that all people similarly affected (considered to be members of the class) by the action be notified via various methods, including direct mail, the media, and the Internet. Class membership is automatic in most cases, and once notified, members may choose to opt out should they wish. Otherwise, they remain considered part of the class action.
Upon conclusion of a class action lawsuit, if a settlement is reached, the court decides how to divide any recovery amongst the group.
Class Action Example: Cifuentes et al v. Regions Bank
Silver Law Group was counsel in the class action suit Cifuentes et al v. Regions Bank, No. 1:2011cv23455 – Document 203 (S.D. Fla. 2014). The lead plaintiffs brought before the court allegations that an entity referred to as “USPT” unlawfully sold securities without actually being registered to do so. Such conduct constituted a violation of Florida Statute 517.12(1).
In March 2014, the United States District Court Southern District of Florida, Miami Division granted the plaintiff’s motion for final approval of class-action settlement, class counsel’s application for service awards, and class counsel’s application for attorney’s fees and expenses.
The settlement created a common fund in excess of $13,000,000 to be divided among all class members, with the lead plaintiffs recovering additional amounts due to their level of involvement in the case.
Excellence in Class Action navigation
Attorneys with the Silver Law Group are experienced in representing victims of securities fraud in class action lawsuits against individuals and companies who violate securities laws. Our attorneys are well versed in cases involving not only brokers, but banks, brokerage firms and other entities involved in financially fraudulent activities. Many of our class actions involve claims against banks, brokerage firms, or others who allegedly assisted a Ponzi scheme or other form of fraud.
Our class action lawsuit success stories include positive outcomes against companies who violate securities laws, as well as suits against those that aid and abet the parties involved. Silver Law attorneys are leaders in the field of securities and investment fraud. Our services are provided on a contingency-fee basis, which means we are only compensated if there is a recovery of losses. For more information, contact us for a complimentary consultation.
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