Comments
  • Marian R March 29, 2010 at 9:11 am

    This settlement is not fair to investors. Attorneys should not be entitled to more than 20%. Can we get a group of investors who feel they are wronged and start a suit of our own?

  • scott m March 30, 2010 at 8:09 am

    I vehemently object to the proposed settlement in the referenced case. I fail to see why the plantiffs’ lawyers should be paid more than 35% of the settlement amount. I fail to see how the legal firms representing the plantiffs could have amassed that many hours of work in filing and pursuing this suit. By my calculations, the amount paid to the law firm would represent 114 years of work for one person charging at $100/hr. If ten people worked on this project full time charging at $100/hr it would represent 11.4 years of work. I would think a more reasonable charge might be $4 to 5 million.

    • admin March 30, 2010 at 8:37 am

      Hi Scott, Thanks for your comment–you're certainly not alone in your opinion on this one. While I agree with you in principle, there were something like 15+ law firms involved with the AG Edwards class action, and obviously multiple lawyers etc from each firm. But I hear where you're coming from. And heck, if you object–make it known–not just here but officially by writing a letter (see agedwardsclassactionsettlement.com for info); while a lot of focus on this settlement is placed on the lawyers' fees, it's the juxtaposition of those fees vs what the payout to Plaintiffs is–$20 (plus some loose change) that's really worth some outrage–irrespective of what the lawyers get, $20 isn't quite going to help those who say they lost their life savings…

  • amy d April 1, 2010 at 11:06 am

    Whoever initiated this class action lawsuit simply got the best of everyone. I had no idea what the settlement would be, but if there's been attorneys involved, i am sure they made out like bandits.

    I find it absurd that we deal with the level of shrewdness on the part of attorneys. I find it as repulsive as what A.G Edwards may have done.

    I am tired of dealing with the law. It's no longer based on the premise of ethics and justice, but rather how the attorneys can hand feed the courts – judges to appease their monetary gains.

  • Nancy April 2, 2010 at 12:20 pm

    I lost more than 60% of what I was planning on having for retirement. My AG Edwards broker was going through "personal" issues of his own and I was reassured by the head honcho of the AG Edwards branch that I was dealing with the best of the best.

    I admit, I'm too trusting and ignorant of investing, but that's why I put my $$$ with them. I doubt I will ever truly see retirement…my funds have NEVER come close to the original amount I had…and now I MIGHT get close to $75.

  • Bob Y April 2, 2010 at 2:18 pm

    Hey guys, do you think we should donate our $20 to the lawyers for doing such a fine job of getting all our lost cash back and assuring that justice was done?

  • Barry F April 6, 2010 at 7:43 am

    If only we could use our settlement to,as Shakespear said,"kill all the lawyers" BF

  • Tony S. April 6, 2010 at 2:36 pm

    Are you kidding me? I guess they think we were born yesterday!!!

  • Mary Lou April 7, 2010 at 12:39 am

    What I find both interesting and annoying, is that when I did a search for agedwardsclassactionsettlement.com all I got was this website! I did read it and found the info. helpful, but why can't I get to the above mentioned site? I received the correspondence last week, and took the address right from page 6. I am a former AG Edwards account holder, did not have a problem while with them, and was surprised when I got this paperwork. Thanks all!

    • admin April 7, 2010 at 2:40 am

      Hi Mary Lou, I just tried the site: agedwardsclassactionsettlement.com and it worked for me; when you get the the page, it will look like a document–not like a "normal" website, and there are links throughout. Try it again… – Abi

  • Bob S April 8, 2010 at 2:37 pm

    Many good points. Please take the time to write-in your objections before the deadline of Apr. 29th to the court and counsel indicated in item 16 of the notice. I certainly am. The more voices that are heard by the court perhaps the judge can affect some changes in the terms and plan of allocation.

  • Joe S April 9, 2010 at 12:38 pm

    Sue the Bastards, [ a comment taken from a Savannah Ga., Lawyers web site; sue the lawyers, the judges [ Title 42 - 185 might apply ] who do have the option to refuse the legal fees for lawyers, in every case, and of course file your own case, butt good luck finding an honest, hardworking lawyer?? Seek a jury trial, and do your home work if you plan on using a lawyer, they almost all stink, and you need to be in their face constantly, or as the saying goes " YOU SNOOZE YOU LOSE"! Good luck folks, remember ENRON, one guy lost $900,000+ or shall we go to the EXXON Valdez case, [1989 thru 2009 ] that took 10 years, with a settlement from a jury at 5 Billion, and by the time they finished with ALL APPEALS, where courts [ including 3 US Supreme courts actions, last one GAVE the plaintiffs 500 million ] and lawyers, and governors, and 5 Presidents allowed this, many people died, and went bankrupt, or committed suicide, in a $100 million fishing industry that was destroyed by EXXON! IF WE DO NOT FIGHT, "THEY" [ CORPORATIONS, BANKS, CREDIT, OIL< AUTO< Sate and Federal - OUR GOVERNMENT ] WILL ALWAYS WIN!

  • David D P May 13, 2010 at 12:18 am

    this is awful………. what a law suit ,lol

  • Daniel W June 14, 2010 at 6:11 am

    How did this turn out? I'm one of the many affected! Thanks

    • admin June 14, 2010 at 7:23 am

      Hi Daniel, The proposed AG Edwards class action settlement was approved at the May 14th hearing in St. Louis; so basically the terms written about in the above post are what was approved. In terms of distribution of the settlement, according to the office of the co-lead counsel for the plaintiffs, it could still take a few months given the possibility for some appeals. So that's where things stand.

  • Russell A June 18, 2010 at 4:05 am

    Lost approx 60 per cent of retirement. Went with so called expert advice from gentleman(?)from AG Edwards who said mutual funds diversified would be safe. What a joke. Never before investing in funds naively trusted the gentleman. Took it out, moved to another state, paid hefty taxes even though past 59-1/2, unemployed for 1-1/2 years, spent money for in-law addition on daughter's house which has not worked out. Lesson learned is seek advice and use your head. No one will watch out better than yourself. I basically lost everything and no one cares. Thank you A.G.Edwards / Wachovia/ Wells Fargo/ Wall Street/ Washington

  • ronnie r June 29, 2010 at 3:34 pm

    oh hell i lost about $15000 to $30000 i swear in no time with a ag edwards firm basically telling me the same things–telling me to just hang on and on till i lost $15,000 to $20,000 almost over night.

  • Anne S July 12, 2010 at 1:22 pm

    Have not heard ANYTHING from AGE but assume i have not much coming . They sgould at least get in touch with me about my big refund-maybe $5.00 or so!

  • Rosa H. C. July 19, 2010 at 1:13 pm

    Well guess what, at the age of 70, I will have to get a job, file bankruptcy,lose my house,while the Lawyers buy luxury cars. Hope the jerks sleep well at night. Hope the folks working the various companies sleep well also. We did not get a break, we got screwed.

  • Cindy August 4, 2010 at 4:57 am

    I got this notice – along with one that informed me that since I had not taken action by the date specified in a previous notice, I was now unable to file a suit on my own.

    I was extremely unnerved at this since I had never received a previous notice of any kind.

    What makes me madder than anything is that a broker at A.G.Edwards had put most of my retirement into Munder's NetNet and Future Technology Fund. After several months of losing too much money, I called the broker and told him to take my money out of both funds. He said to be patient, it would straighten itself out and the prospects were great that these funds would recover.

    They didn't.

    Several months later, after losing more than I could afford, I called the broker again – and was told the same thing again. This time I said "NO". I wanted out of the funds NOW.

    When I received my next statement, I discovered that he had NOT done as I requested – so I went to his office and made the demand in person.

    When I received my next statement, I saw that he STILL hadn't done what I asked him to do.

    I moved my account at that time, but A.G.Edwards cost me %79 of my retirement.

    And now, greedy lawyers are stealing my share of what A.G.Edwards stole from me.

    If they had actually sent me the first papers that they say they sent, with the opt-out date, I would have opted out, and might have a chance to get a little bit more of my money back.

    Disgusting.

    • Cindy August 4, 2010 at 5:01 am

      One more thing …

      I don't have the luxury of time nor hope that I can make up for the loss that A.G.Edwards caused me.

      I'm 62.

  • vietnam tours June 24, 2011 at 10:54 pm

    This settlement is not fair to investors. Attorneys should not be entitled to more than 20%. Can we get a group of investors who feel they are wronged and start a suit of our own?

  • Pat August 2, 2011 at 3:16 pm

    FYI (as of 8/2/2011): Called their tele-info line today (877-234-1312) – settlement was approved, but "an appeal is pending". For further questions, we can contact Sarah Laratrow (sp?) @ Milburg LLP (co-counsel) at 800-320-5081.

  • Barbara August 14, 2011 at 1:59 pm

    I think its a real shame that people get treated that way… I am 92 years old and have lost alot and i will most likely be dead and gone before I see what $20.00 . If you ask me we ought to sue the whole lot of them ……………………….

  • Stephen Gordon November 28, 2011 at 12:12 pm

    I have just spoken to whoever is operating the toll free number on the notification. On top of this minimal settlement amount, the fact is that it will not be paid in cash but in a credit. So that if the account has been closed, then you according to them receive nothing. While some class actions result in a benefit for the class, this action was only for the financial gain of the lawyers. This settlment is nothing other than a fee. I am a lawyer and I find this offensive. Why even bother. Everyone should file an objection.

    • Clare December 8, 2011 at 4:54 pm

      Mr. Stephen,
      Can you tell me who to contact to file a formal complaint against the lead counsel on this sham of a settlement for the classes?
      Thanks.
      Clare

  • Larry Dale Conatser November 28, 2011 at 11:10 pm

    I have never found an ethical lawyer or financial adviser. This does not mean that there is no ethical lawyers or financial advisers, it mean I have meet none. I wish they would leave me alone. I have nothing to offer them and they have nothing to offer me. Let me go to my front porch get in my rocker and drink my limeade in peace. I am an old man living on what disability I can get. after working 60 to 80 hours for years, I do not want to spend my time being upset by all these people. If I want to go some where, I will go to Disney World, not Madoff World. Let me live my last days in peace. I do not need to be upset about this matter. I have a life to live and do not need my peace or intelligence degraded by these matters.

  • Vince Markowski November 29, 2011 at 12:02 pm

    My wife lost approximately $15,000.00 thro an investment in A.G. . She is no longer an account holder in any sense with that firm. However,
    she received a "settlement" of $49.10 to be doled out over a 3 year period. These are coupons and therefore NOT redeamable for cash. Since we don't have an account with them our only choice is to give to a family member who might have an account or not bother. What happens to the money we (or many others in similar circumstances) do not collect?? A non-collectable $49.10 for compensation of a $15,000.00 loss is adding insult to injury. Remember those who have money make more money while the rest of us are up the creek.

  • Mary Lou Chase November 29, 2011 at 2:34 pm

    Mary L. I had eight accounts, mostly for grandchildren. All were opened at the same time as trustee accounts and the same amount of money. I received seven checks for $20.42 and one account was done with vouchers, 1. 2012-$8.22, 2. 2013- $8.22, 3. 2014- $8.21. Wow! There will be money to spend the next 3 yrs. Maybe I'll get TV dinners with them. We all know money can be, and is, lost in the market – but this is a real scam. Sad. Makes you wonder about a lot of things. I wonder if these little vouchers can even be cashed or deposited?

  • Elaine Dustin November 29, 2011 at 7:10 pm

    My husband and I lost close to $700,000. with A.G. The little we had left we moved to another firm and since then our money has almost doubled. There was one account that our agent locked up in such a way that we can not remove it and my new agent in our present firm has tried and tried. We are still loosing money on a monthly bases in that account. And all we are going to get is $32.00 back for the next 3 years. Damn Lawyers are the ones getting rich. It doesn't really pay to do a class action suit. Better to do individual suits.

  • loveyd November 30, 2011 at 10:17 am

    They need to figure out where all our money actually went and take it away from the greedy bastards who ended up with it. Did they ever take the time to figure any of this out? Someone got it, who and why and where is it and by golly, give it back. These vouchers are just a bunch of paper 'filling' to make it look like they're doing something, if you ask me. I want to know that they're doing MORE.

  • Chuck Stanley November 30, 2011 at 11:49 am

    I found my way to this article through a client who was a former AG Edwards account holder. My heart goes out to all of those who have been affected by this fraud. AG Edwards actions were not bad enough and the situation is compounded by the egregious fees the lawyers are collecting. To make matters even worse the plaintiffs get paid off with essentially useless credits. I would love to see a law that compels the plaintiff lawyers to accept the same form of compensation as the plaintiffs themselves receive.

    There is a lesson to be learned here. Financial Advisors, Wealth Managers, Vice Presidents of Global Asset Management (read SALESMEN) are Registered Representatives of their firms. They are legally obligated to place their firm's best interest first (ahead of yours). They also operate under a suitability standard which is much less stringent than a fiduciary standard. Many of them are paid on a transactional (Commission) basis and are "encouraged" to sell their firms proprietary products.

    What can you do? Find a Fee Only, CERTIFIED FINANCIAL PLANNER (TM), who will work with you in a fiduciary capacity. Fee Only means the only compensation they receive is directly from you, allowing them to make recommendations that are not influenced by third party compensation arrangements or influence from their firms. While this is no guarantee that you won't be taken advantage of in the future, IMHO it does give a significantly better chance not being victimized again. In the interest of Full Disclosure, I am a Fee Only, CERTIFIED FINANCIAL PLANNER (TM).

    Best Regards

    • gloria alexander February 24, 2014 at 3:50 pm

      I would NEVER go to another broker again if my life depended on it. stay with a credit union .Diirectors are not paid and their services are nothing compared to banks. I learned a costly valuable lessons. we were just robbed

  • Very Unhappy Widow December 6, 2011 at 1:54 pm

    Is there no way to be paid out for these rather than send in vouchers over a 3 year period? I saw somewhere that members without accounts can be paid $20.42 however the help line does not reflect that it says they can only be used on existing accounts. My late husband received vouchers and since his acount is gone I would like to just receive a check and be done with them. I also have an elderly mother that cannot see the print on the vouchers much less figure out how to use them (if she lives the 3 years to use them!) I feel this is just dirty business and that Wells Fargo must not value their customers. I am thinking of closing my accounts there. I think the voucher system is intentionally difficult to avoid people using them.

  • R.J.D. December 11, 2011 at 5:54 pm

    NOW….. I get a credit voucher that requires information that I have NO knowledge of how to access… just to get my $8.22 per year for three years! Bah! Humbug! It's a shame that I had such an honest and trustworthy agent (D.A.) who would never have gone for this underhanded maneuvering. I've moved my funds to another company!

    • THH December 14, 2011 at 10:49 am

      Good move. I'm moving also. I received a small check which I will cash, but the vouchers are already history. It's not worth the time to keep track of such junk. Can you hear the judge, the lawyers and Wells Fargo laughing?

  • Ellen Parker December 30, 2011 at 12:03 pm

    I just received my vochers in Dec. 2011. Who was the judge on this case? Let hire a lawyer to sue the original lawyers (who have

    our money along with AGEdwards).

  • Jen January 10, 2012 at 11:19 am

    I wonder if we can sue the old staff at AGEdwards? They are the ones that we need to sue. They mislead us. I am so very upset!!!
    JVH

  • guest January 23, 2012 at 1:43 pm

    The person I had at A. G. Edwards is the same person I have now with Wells Fargo. Wells Fargo obviously agreed to the voucher system and collecting them.

  • Linda January 25, 2012 at 3:13 pm

    I just got the voucher for $8.22 each year for 3 years. What a joke! I don't understand some of the questions. What is the amount of covered fee. I don't know the dates of covered fees, how do I find this? My husband got one, but he is deceased, can I still cash his?

    Thanks,
    Linda

  • paul February 3, 2012 at 12:52 pm

    Settlement is a joke, I had closed accounts prior to this, so now, I must re-open an account in order to claim my 25 bucks. Didn't trust them then, what makes you think anything has changed. Not worth the hassle…

  • susan b anthony April 22, 2012 at 7:40 pm

    I hate to say it, but do you people not watch the paper everyday to see what happens? I mean stocks don't just go down overnight… Ive had a mutual fund with AG Edwards, and watched my portfolio go up and down.. stocks, (which are mutual funds ) do do that. They can not guarantee what will happen… maybe buy blue chips and bonds, and put some money in the s and p, which hasn't been doing great lately… I am not a broker and am not giving advice, but I am just saying… Its up to the investor to do the research!

  • merle April 27, 2012 at 9:02 am

    As far as i am concerned they may as well stick that where the sun don't shine. There stupid paperwork is just to confuse matters even more. Why the hell would you want a credit voucher,opt out. Money is gone,big shots live in glory until there time comes>>>>>

  • alberta bryant February 7, 2014 at 7:41 pm

    i did do research. i was with age then wells fargo. they talked me into annuities. then when i wanted to borrow not sell he adamantly said no, just sell. i lost over 700,000. not only that when i sold to use for travel and things, the broker accused me of doing drugs!! even doing research, they are out for themselves. my broker is now living in a home twice as big as i ever had. maybe i should throw some drugs on her porch, call the law, and say..geez…isn't this what you did to me legally?

  • Gloria Alexander February 24, 2014 at 3:43 pm

    I thought if a company scammed customers they would be in big trouble, possibly even in jail. my story: had worked in banks for 28yrs. and should have known better. But thru the yrs. I had seen big nice interest checks from dealing with brokers. My husband was self employed, therefore had NO retirement. I had a nice 401K. A guy that went to our church was a broker for AG Edwards and a charming, smooth , fast talker. All we had for my husbands retirement was a savings acct. with $15.000.00 . Well Mr. A. G. Edwards smooth liar told us how much better , bla bla bla we could do moving it with him. He even told us to move our Woodman of the World Life Ins. that we had paid on for 30 yrs to really boost that retirement. . He said he could match 100,000.00 ins. policy. you know the rest of the story. WE told him that we were NOT gamblers or wasteful people. No high risk or overseas money. He replied– Oh, sure , I understand completely". Each month the statement was going down. I would call and he says. -well you got in at a bad time. I would growl back , this is all the sayings my hubby has and I feel like you are wasting it. .Good golly, I would rather have it at the bank making 4% in a secured CD or in a coffee can buried in the back yard not going down and letting it blow away in the wind. He would NOT listen. my husband got so mad he went up to AG Edwards and made him sign a statement that he would not move our funds or go to any high risk til he called us. He never did. I knew it was time to move our money when his wife and mother came to the credit union with checks from AG Edwards to deposit into CD's with us.
    LOL I can't believe I was so stupid. I shld have trusted my gut and never trusted a broker. Half of the church members were mad at him. He was shunned and kinda not a part of our loving family again. He acted like he had done nothing wrong. He left shortly as soon as he was fired from AG Edwards

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