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Securities America settles with state in conditional resolution of Reg D mess
Putting an end to a bitter dispute over the sale of failed private placements, Securities America Inc. has agreed to make whole 63 Massachusetts clients who bought $5 million of failed notes issued by Medical Capital Holdings Inc.
Securities America reaches pivotal deal with regulator over private placements
The besieged broker-dealer today agreed to a pivotal settlement with Massachusetts over soured MedCap private placements. The upshot? Investors are to to get 100% of their principal back.
Securities America reps finally see closure in class action settlement
Judge approves settlement; brokers with arbitration claims now can put matter behind them
Ladenburg, Cetera in the hunt for Securities America: Sources
Firms said to be on short list of acceptable buyers; PE outfit also thought to be lurking about
Star rep at Securities America jumps ship, signs on with Geneos
Silverman leaves on-the-block firm; second defection in June
Buyers aren’t seen lining up for Securities America
Ameriprise Financial Inc. last week put on the block one of the most prominent independent broker-dealers in the industry, its subsidiary Securities America Inc., but no clear buyer has emerged
Securities America, plaintiffs’ attorneys strike deal: Sources
In a huge turning point for Securities America, the besieged brokerage and attorneys representing investors have purportedly agreed to settle lawsuits arising from the sale of soured private placements
Securities America, plaintiffs making ‘substantial progress’
In an e-mail sent to brokers Friday evening, Securities America said crucial negotiations with investors suing the B-D could lead to a final resolution of the dispute. Without such an agreement, the brokerage -- and its 1,800 reps -- may be facing the end of the line.
‘Financially strong’ Securities America reports $115M loss
Securities America reported an ugly $115 million loss in the first quarter, which may not seem overly appealing to potential buyers. Then again, most of the red ink was due to litigation costs. And with the B-D's legal troubles seemingly behind it, the brokerage could be poised for better days.
CFO: Securities America on the brink without legal settlement
The B-D's finance chief says the brokerage, part of Ameriprise, could be on the brink -- if a judge fails to approve a class-action settlement over failed private placements
Ameriprise, investors seek court’s OK on deal
Ameriprise Financial Inc., two of its Securities America units and a group of investors who sued them asked a U.S. judge to approve a proposed $80 million cash settlement.
Securities America won’t be stranded
Ameriprise Financial Inc. is willing to spend nearly $200 million to bail out its beleaguered independent-broker-dealer subsidiary, Securities America Inc., because the spectacle of its collapse would be a huge embarrassment for the financial planning giant and draw the ire of regulators, according to securities industry experts
Securities America on brink without legal settlement
Securities America Inc. could go out of business if a federal judge does not approve a $21 million class action settlement related to private-placement litigation against the company
Ameriprise sets aside $40M for private placement claims
Amount equals about 10% of total client losses on Reg D notes later deemed fraudulent by the SEC
Ameriprise steps in to steady Securities America
On Friday, Securities America's CFO said the brokerage could face bankruptcy if a judge rejected a proposed settlement over soured private placements. The judge rejected the settlement. Now, Securities America's parent may step in to try to bail out the besieged B-D.
Securities America advisers left in limbo
A mediation session to resolve investor claims against Securities America Inc. involving hundreds of millions of dollars failed…
Securities America cancels call with reps; brokers on edge
A mediation session to resolve hundreds of millions of dollars of investor claims against Securities America Inc. failed to yield a settlement last week, as the firm's 1,800 reps and advisers continue to speculate on whether the firm will survive.
Regulators blast decision to halt state cases against Securities America
NASAA says ruling will have chilling effect on securities enforcement
Securities America, Ameriprise private-placement cases could drag on
The proposed class action settlements reached by Securities America Inc. and its parent Ameriprise Financial Inc. with clients who bought allegedly fraudulent private placements from Securities America between 2003 and 2009 could be upended by investors who opt out of the deal
So how much is Securities America worth to Ameriprise?
An expert witness claims that Ameriprise can kick in $110M to help settle Reg D lawsuits against its Securities America unit. A meeting with a mediator on Thursday may reveal exactly how far the parent company is willing to go to bail out the besieged B-D.
