A.G. Edwards…Going Somewhere?
November 9th, 2009. By LucyC
Way back in 2005, a class action lawsuit was filed against AG Edwards (now part of Wachovia), alleging that the investment company was not playing by the rules. On Friday—yes that’s over four years later—a website popped up with some information on the AG Edwards class action suit.
Just in case the details of the suit don’t come flooding back—here’s what you need to know:
What are the Allegations Against AG Edwards?
“This lawsuit is about whether A.G. Edwards breached its fiduciary duties to Plaintiffs, owners of A.G. Edwards accounts which held shares of mutual funds, and all others similarly situated, and whether, as a result of those breaches, A.G. Edwards has been unjustly enriched by receiving millions of dollars in payments from mutual fund companies whose mutual funds were held by Plaintiffs. A.G. Edwards denies these allegations and the Court has not decided whether A.G. Edwards or the Plaintiffs are correct.”
Are You In or Out?
Are you eligible to join the AG Edwards class action lawsuit?
According to the website—you are eligible if you maintained a brokerage account at A.G. Edwards in which you held shares of mutual funds at any time between April 12, 2000 and April 12, 2005 (”the Class Period”).
If you are already a class member and wish to remain so, do nothing.
If you wish to opt out of the suit, “you must send an “Exclusion Request” in the form of a letter sent by mail, stating that you want to be excluded from Bachman, et al. v. A.G. Edwards, Inc., Cause No. 22052-01266-03. You must include your legal name and address and sign your name, and you must mail your “Exclusion Request” postmarked before December 11, 2009, to: AG Edwards Class Action, PO Box 2252, Faribault, MN 55021-2375.”
What Happens if You Opt Out?
In a nutshell—you won’t hear anything more about the lawsuit, you won’t be affected by the judgement in the case, and you may retain independent council to represent you at your own expense, in a separate lawsuit against AG Edwards.
Will Joining the AG Edwards Class Action Cost You Money?
If you remain a member of the class—or you decide to join—you are not liable for any expenses or fees.
Now the only question remains—what’s happening with the lawsuit? We’ll keep you posted—so watch this space.
In the meantime, if you have questions concerning your legal rights in this class action, try contacting the following:
Notice Administrator at:
AG Edwards Class Action
c/o Rust Consulting, Inc.
P. O. Box 2252
Faribault, MN 55021-2375
and there’s a phone number: 1-877-434-3067
November 10th, 2009 at 8:16 pm
I held custodial funds for my preteen daughter in which I had invested in since my daughter was born. I am assuming these funds will have the same priority as any other funds. She is now almost 14 years old.
November 11th, 2009 at 7:54 am
Please keep me informed on the progress of this classaction suit
November 11th, 2009 at 11:53 am
I am: Eugene R
Patricia R (Decease 3/30/09)
We were both have our retirements with A.G. Edwards from the dates shown above and during that time we did lose a lot of money. Not sure why, we though our Financial Advisor Mr. James F. Haugen, AAMS, was taking care of our accounts, and to make sure that we were not to loose money in our retirement accounts. In this difficult time, I’m not sure that there is anyone place that we can really trust anymore. Not sure about what ha happened, but for sure, you the lawyer office can surly count on me. I’m 70 years old and not sure what I will receive out of this suite, but always goes a lot father than being dishonest.
I thank you very much about thinking about me and my late wife whom i cherish very much. Cannot ever replace such a great lady as she was.
Sincerely,
Dr. Eugene R
November 11th, 2009 at 12:37 pm
So far can’t tell which mutual funds are involved. Did everything,but can’t pull names.
Pls advise.
November 11th, 2009 at 5:08 pm
Hi Sandy, Thanks for your comment. We just posted some additional information about the AG Edwards class action and on what mutual funds may be included in the class action lawsuit. It’s a fairly long list, so take a look–the information is here. -Abi
November 11th, 2009 at 5:15 pm
Hi Eugene, Thank you for your comment on the AG Edwards lawsuit. Unfortunately, situations like this have become more commonplace–and certainly have surfaced more in the media since the economic downturn. I am sorry that you and your wife may have been affected–and we certainly send you our condolences on the recent passing of your wife, Patricia. We did just post an update to the AG Edwards–some additional information that our readers might find of benefit (link is here). Again, thank you for your comment, Abi
November 11th, 2009 at 5:17 pm
Hi Max, Thanks for your comment–will do; We’ve gotten some requests for information on what mutual funds may have been included in the AG Edwards class action–so you’ll find another post on the subject here; Take a look… -Abi
November 11th, 2009 at 5:20 pm
Hi Dean, Thank you for your comment. I can’t really speak to the specific funds you held, but we did just post again about the AG Edwards class action and we included a list of the mutual funds that may be part of the lawsuit–you may want to take a look at that information as well. -Abi
November 12th, 2009 at 3:39 pm
I had my kids 529 accounts with AG Edwards in American Funds, however we have not received any notification from them about this class action lawsuit. Are the 529 accounts excluded?
November 12th, 2009 at 7:45 pm
Hi Nanci, Thanks for your question; the best thing to do right now is to continue to follow this lawsuit. LawyersAndSettlements.com will continue to report on any news, but in the interim, we posted some additional information regarding a list of fund names that may be affected as part of the AG Edwards class action. -Abi
November 17th, 2009 at 8:41 am
I don’t know which mutual funds I had invested in. It was my very first time doing this, and everything was so confusing to me. How do I find a record of this?
November 17th, 2009 at 12:02 pm
Hi Nancy, I can understand where you’re coming from–it can be hard to keep track of some investments, particularly those that were made a while ago–and even harder at times to determine their change in value from the time of purchase when tax time rolls around. First off, I can’t tell whether you’ve already sold the investments. If not, you should still be receiving some form of statement–most likely in the mail–for the funds. The fund should be listed on the statement(s). If you’re having difficulty sifting thru the statement (they’re not always the easiest to understand), there should be a contact number shown–they should be able to provide you with information about what funds you’re in. Now, having said that, if you did sell the investments and are just trying to back-track and put the pieces together, I hope you’ve saved an old statement somewhere–because that’s your best bet; again, the funds will be shown there or you can try to call the number shown. Finally, you may–it depends on what fund(s) you bought–have some of the information on old tax documents; it’s not a sure bet, but it’s worth taking a look. If you use a financial planner or tax advisor, they may be able to help as well. It’s a scavenger hunt that takes time…but there’s usually a trail somewhere. Good luck–let us know how you make out; -Abi
November 18th, 2009 at 1:07 pm
I received notice of the class action as the FBO from an IRA of my deceased father, but my address changed 8 years ago and I was lucky the post office still forwarded the notice to me. How can I update my address with A.G. Edwards so future commincations are not lost?
November 18th, 2009 at 5:10 pm
Hi Jennifer, The best thing to do is to contact AG Edwards. AG Edwards became a part of Wachovia Securities which became a part of Wells Fargo, and it looks like the folks you’ll need to talk with are Wells Fargo Advisors–that’s where I’d start. Their toll-free number for existing accounts is (800) 359-9297. That’s about the best I can do…Hope it helps! -Abi
November 18th, 2009 at 9:09 pm
I had all my money in AG Edwards in 2000 to 2005. It was invested in Mutual Funds.
November 19th, 2009 at 8:27 pm
Hi Judy, Thanks for your comment. You had also followed up in a second comment asking for more information on being included in the lawsuit. The best thing to do right now is to continue to follow this lawsuit–and you can continue to do that here at LawyersAndSettlements.com. We’ll continue to report on any news–as this lawsuit has not settled yet; In the interim, we posted some additional information (here) regarding a list of fund names that may be affected as part of the AG Edwards class action. -Abi
November 19th, 2009 at 9:37 pm
I was a financial advisor during a portion of the time stated in the lawsuit. We went through extensive training and AG Edwards was always very supportive. Revenue sharing does exist as with all brokerage firms, but not once was I ever instructed to utilize a particular fund or given a list of special funds families to utilize. I was allowed to guide my clients to the best possible investment which we, together, believed would help them achieve their goals. If I could impart any advice to people about investing, please demand to meet with your advisor at least once a year…you are paying for their service so demand the attention. It is hard to avert short term losses when in investing in the stock market, so it should be considered a long term play. Please demand the attention you deserve and learn!
November 20th, 2009 at 9:07 am
Hi Debbie, Thank you for your comment–and your perspective with AG Edwards; Sound advice–and key words are “you are paying for their service”….
November 21st, 2009 at 11:24 am
Hi. YES, I want to know. How do I change my address?
Thanks!
November 23rd, 2009 at 1:40 pm
Have no records of my accounts with AGE as to what i owned or sold etc. I assume those records are available at AGE wherever they are at present. Since i am about to be 85 yrs old and need everything i can earn from my small balances that remain I will be relieved to have anything returned to me no matter how small.Thank you
November 23rd, 2009 at 2:44 pm
Hi Diana, You might want to bookmark lawyersandsettlements.com as we’ll continue to track the AG Edwards lawsuit; in the interim, in terms of your question–do you mean how do you change your address on a fund(s) you’d invested in with AG Edwards? You would need to contact them (note, AG Edwards since merged with Wachovia and then Wells Fargo ultimately bought them) in order to make that change.
November 23rd, 2009 at 2:57 pm
Hi Anne, Thank you for your comment. Yes, AGE should have those records–keep in mind AGE merged with Wachovia and then was bought by Wells Fargo; additionally, we did a follow up post where we listed a number of the funds that may be a part of this lawsuit. You can read that information here.
November 25th, 2009 at 11:06 am
I want to be part of this class action as I certainly was with this brokerage firm between 4/2000 and 4/2005 and most of my husbands retirement money was in mutual funds so sure could use a some help as I am 77 years old and still have to work. Would appreciate anything you can do. God Bless You Mrs. Lundberg
November 26th, 2009 at 9:32 am
Hi Virginia, The AG Edwards (who have since merged with Wachovia and subsequently acquired by Wells Fargo) lawsuit has not yet settled–so it’s a bit in limbo, and we’ll continue to track it so you may want to bookmark LawyersAndSettlements.com–or sign up for our weekly newsletter which includes information on new settlements; Additionally, we posted more information–including a list of funds that may be affected by this lawsuit. You may wish to take a look at that information as well. Finally, there is a website, agedwardsclassaction.com, that is the site managed by the claims administrator (Rust Consulting) for this class action–not much will happen there until a settlement is reached, but you’ll most likely need to submit your claim form information there once a settlement does finally happen, so good to bookmark that site as well. Hope this helps. Have a wonderful Thanksgiving!
January 6th, 2010 at 5:10 pm
This is all very interesting reading. I stumbled across this today as I was trying to figure out who to contact regarding my investment account with A.G. Edwards. I knew a few years ago it was merged with Wachovia but haven’t received a statement in years and have been running in circles trying to track down who is holding my investment account, what is in it and how to get more information on it. Any ideas? Now I’m wondering whether or not I should have recieved notice of the class action as a plaintiff since I’m not recieving my statements either.
Thanks for posting the above information!!!
January 12th, 2010 at 1:27 pm
just praying a bit that this will prove to be some help for me financially before it is time for me to give up my home . i don’t expect a lot but believe me with the no increase in soc. sec. payments and having lost a lot of money(to me anyway) every dollar retrieved will be sooo welcome! Thank you for your response to me initial statement.
January 12th, 2010 at 2:26 pm
Thanks Anne…we’ll keeping tracking the story.
January 16th, 2010 at 6:58 pm
Please keep me posted
January 21st, 2010 at 5:11 pm
We had all our funds invested with A G Edwards during 2000 until early in 2002. We were not happy with their broker’s choices for us and the results from same. It always seemed like our broker had a special agenda. We transferred everything over to Merrill Lynch. After examining the investments made by A G Edwards, particularly my husband’s retirement fund which they had placed in a variable annuity, the Merrill Lynch broker telephoned A G Edwards main man and told him their choices were criminal.
We are very happy to be part of this class action suit and hoping we will see some reinbursement for our losses.
January 22nd, 2010 at 8:58 am
Hi Barbara & Robert, I’m sorry to hear about your experience with AG Edwards. For a competing broker to make the phone call he did is a bit unusual–and I hope speaks to your current broker’s commitment to operate in your best interests. Thanks for sharing your story–we’ll keep tracking the progress on this one.