Securities America Gets Its Do-Or-Die Settlement Hearing Today

Thursday, March 17, 2011 23:11
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Securities America Gets Its Do-Or-Die Settlement Hearing Today

Tags: fraud

Today Securities America is arguing for what could be its life as it tries to reduce the $400 million it owes former clients who were sold bad private placements to a somewhat more manageable $21 million.

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If the federal judge agrees to let the once-mighty brokerage firm settle all the outstanding claims against it by paying a token $21 million, then Securities America has a decent shot at the future. 

 

But since the firm only has $2 million in cash to work with, even getting 95% of its obligations erased may not save it from having to ask perennial "distant parent" Ameriprise for help.

 

Reps are reportedly already on the move. Great story here.

 

 

 

 

 

 

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