If you do not exclude yourself, you will not be entitled to receive any recovery in any other action against any of the Released Parties based on or arising out of the Settled Claims.
Coral Gables, FL (Vocus) October 7, 2010
The Securities Law Firm of Tramont Guerra & Nunez, PA (TGN) makes an announcement to all Countrywide Financial Investors who are prospective class members of class action lawsuit, Case No. 07 CV 05295, filed on November 28, 2007 in the U.S. District Court for the Central District of California, which resulted in a court order to consolidate all class action claims against the named parties. The named Defendants include Countrywide Financial executives and board members, KPMG and major Wall Street Underwriters. The Underwriter Defendants of the securities issued who were named parties include; Citigroup Global Markets, Inc., Morgan Stanley & Co. Inc., UBS Securities, LLC, Goldman Sachs & Co., Banc of America Securities, LLC and J.P. Morgan Securities Inc. The class period for Countrywide Financial securities covered under the settlement agreement is from March 14, 2004 through March 7, 2008. The securities covered by the settlement agreement include Countrywide Financial common stock, Countrywide Capital V 7% Capital Securities, 6.25% Subordinated Notes due 5/14/16, exchange traded call and put options, and certain Medium-Term Notes. The Countrywide Financial settlement agreement provides for the establishment of a $624 million settlement fund to be distributed to class members to be paid in exchange for settlement and dismissal of the claims against the Defendant parties. According to the Court Notice, “If you do not exclude yourself, you will not be entitled to receive any recovery in any other action against any of the Released Parties based on or arising out of the Settled Claims.” Prospective class members should consider whether they should "opt-out" of the Countrywide Financial class action lawsuit and file an individual securities arbitration claim with the Financial Industry Regulatory Authority (FINRA) as a more effective method to recover a greater percentage of their investment losses.
Many investors were advised by their financial advisors that an investment in Countrywide Financial was suitable for their investment objectives. In many instances, investment recommendations to buy or hold were based on broker research analyst reports. Brokerage firms are obligated to give, and investors are entitled to rely upon, brokerage firms for competent, suitable investment advice in accordance with FINRA Sales Practice Rules and Regulations. FINRA is a self regulating organization with sales practice rules and regulations that govern the securities industry’s conduct and safeguard the investing public. Recommendations of unsuitable investments and/or maintaining unprotected concentrated stock positions are both causes of action that may be available to investors against their full-service brokerage firm in an individual securities arbitration claim filed with FINRA. In this settlement, investors must “opt-out” as a class member in order to pursue a securities arbitration claim, otherwise this legal option is not available.
The Securities Law Firm of Tramont Guerra & Nunez, PA is a nationally recognized, Martindale Hubbell “AV” rated securities law firm. To request a confidential consultation from a TGN attorney to determine whether you have a viable individual securities arbitration claim for investment losses that exceed $250,000 from a full service brokerage account, contact us on our website. To speak directly with an attorney, call (800) 578-0137 and ask for Ben Fernandez, Esquire.
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