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
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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.
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admin Reply:
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
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admin Reply:
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
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So far can't tell which mutual funds are involved. Did everything,but can't pull names.
Pls advise.
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admin Reply:
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
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admin Reply:
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
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Please keep me informed on the progress of this classaction suit
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admin Reply:
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
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admin Reply:
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
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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?
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admin Reply:
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
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admin Reply:
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
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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?
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admin Reply:
November 17th, 2009 at 7:02 am
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
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admin Reply:
November 17th, 2009 at 7:02 am
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
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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?
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admin Reply:
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
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admin Reply:
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
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I had all my money in AG Edwards in 2000 to 2005. It was invested in Mutual Funds.
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admin Reply:
November 19th, 2009 at 3:27 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
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admin Reply:
November 19th, 2009 at 3:27 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
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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!
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admin Reply:
November 20th, 2009 at 4:07 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"….
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admin Reply:
November 20th, 2009 at 4:07 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"….
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Hi. YES, I want to know. How do I change my address?
Thanks!
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admin Reply:
November 23rd, 2009 at 9:44 am
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.
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admin Reply:
November 23rd, 2009 at 9:44 am
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.
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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
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admin Reply:
November 23rd, 2009 at 9:57 am
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.
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admin Reply:
November 23rd, 2009 at 9:57 am
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.
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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
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admin Reply:
November 26th, 2009 at 4:32 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!
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admin Reply:
November 26th, 2009 at 4:32 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!
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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!!!
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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.
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admin Reply:
January 12th, 2010 at 9:26 am
Thanks Anne…we'll keeping tracking the story.
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admin Reply:
January 12th, 2010 at 9:26 am
Thanks Anne…we'll keeping tracking the story.
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Please keep me posted
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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.
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admin Reply:
January 22nd, 2010 at 3:58 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.
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admin Reply:
January 22nd, 2010 at 3:58 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.
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I would like to know the status of this case. I received information that this case was to go to trail on December 17th. Has the case been heard or has it been postponed? Thank you for any information pertaining to the status of this case.
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please keep me informed on the progress of this classaction suit
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I was not informed of investment in REVCO by Agent in San Angelo ,TX until the fund filed for bankruptcy. I ha just retired &rolled IRA to AG Edwards in San Angelo . I lost $43,000.00 & was the largest investor ,from there, in this fund . Agent did not inform me for 2 months after loss. was Jan – Sept 2005.
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I just received my notice of proposed settlement of class action and can't wait to get my $20.42! I'm just glad the lawyers are getting paid well. I'm sure they earned their $21 million. Justice has been done. The brokers got rich on the frontend and the lawyers get rich on the backend while all of us who might have lost money to these jokers get enough for a few happy meals at McDonald's. That should cheer us up. You've got to love this country. At this point, I want to opt out but it's too late. I hope everyone files an objection to the settlement.
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admin Reply:
March 29th, 2010 at 5:03 am
Hi Erich, Thanks for your comment–yeah, $20.42 won't get you too far–unless, as you say, you're at McDonald's. Regardless of whether the legal team deserves the amount of cash that's been proposed (as you'll see in the post we just did as a follow up on this–and, btw, we share your sentiments) it's the disproportionate amounts which the lawyers and plaintiffs are to receive according to proposed settlement. I'm sure the majority of class members in this AG Edwards class action feel the same way…
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admin Reply:
March 29th, 2010 at 5:03 am
Hi Erich, Thanks for your comment–yeah, $20.42 won't get you too far–unless, as you say, you're at McDonald's. Regardless of whether the legal team deserves the amount of cash that's been proposed (as you'll see in the post we just did as a follow up on this–and, btw, we share your sentiments) it's the disproportionate amounts which the lawyers and plaintiffs are to receive according to proposed settlement. I'm sure the majority of class members in this AG Edwards class action feel the same way…
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A member of the AG Edwards family, Tad Edwards, was our financial advisor and he passed us to another member of the family, Scott Edwards, when he moved into a higher position. We phoned our new advisor repeatedly concerning our fund and I visited twice to get information on our account. At all times I was told nothing was wrong even though we were about to retire. The fund went belly-up.
I have just reviewed the Settlement of Class Action and am horrified to find that those of us who lost a considerable amount of money have only created another mechanism through which to be exploited. The cadre of lawyer in this case are getting $21 million plus $600,00+ in expenses. The web site for the full settlement is inoperable. The deadline to file objections to YOUR RECEIVING " an average of $12.91 per eligible A.G. Edwards' brokerage account of the Class Members…"is April 29, 2120. Call 1-877-234-1312 for settlement info and 1-800-320-5081 for information from the co-council Sara Laratrel (sp) Settlement Services for more information.Do It Now!
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admin Reply:
March 29th, 2010 at 4:59 am
Hi Barbara, Thank you for your comment–you are not alone in your feelings regarding the paltry $20.42 per plaintiff proposed AG Edwards class action settlement; we've just posted an update and share your sentiments.
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StocksInc Reply:
November 22nd, 2011 at 9:56 am
I agree and have been in several lawsuits and recovered pennies on the dollar. The lawyers make the money. My parents died of cancer living on a waste site and the lawyers made $7 million and my deceased parents recived $40000.00 real nice. I would rather not file to screw the lawyers. This is criminal. I lost $15 a share on Alpine funds and they tell me I may get .50 cents back per share. The lawyers get the rest. AGEdwards screwed me. Wachovia took over, then Wells Fargo was the last in the shell game. I now have my account at a discount brokerage and manage my own account. Since then I made 20% a year income. I will never use a full service brokerage or listen to their advisors. I have one more account to close.
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admin Reply:
March 29th, 2010 at 4:59 am
Hi Barbara, Thank you for your comment–you are not alone in your feelings regarding the paltry $20.42 per plaintiff proposed AG Edwards class action settlement; we've just posted an update and share your sentiments.
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StocksInc Reply:
November 22nd, 2011 at 9:56 am
I agree and have been in several lawsuits and recovered pennies on the dollar. The lawyers make the money. My parents died of cancer living on a waste site and the lawyers made $7 million and my deceased parents recived $40000.00 real nice. I would rather not file to screw the lawyers. This is criminal. I lost $15 a share on Alpine funds and they tell me I may get .50 cents back per share. The lawyers get the rest. AGEdwards screwed me. Wachovia took over, then Wells Fargo was the last in the shell game. I now have my account at a discount brokerage and manage my own account. Since then I made 20% a year income. I will never use a full service brokerage or listen to their advisors. I have one more account to close.
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I just received my notice about the class action suit 2 days ago…..how timely!! I realized several years ago that lawyers couldn't be trusted….when I did all of the work and then PAID the lawyer in $$$ for MY work in an estate settlement!! Anyway, my experience with AG Edwards was from 1996 until 2003. I had some 'feelings' that the financial adviser assigned to my account wasn't on the up-n-up when I called for a check to be cut for several thousand $$ from 2 of my accounts, and when I got there to pick up the checks, there was only ONE check for about 5K less than the amounts I'd signed for. Guess he thought I was already senile!! I 'called' him on the mistake, which they then cut an additional check. Was this intentional or dishonest??? In 2001 when things were really getting volatile and accounts were losing money very quickly, I pulled the rest of my money out of their investment firm and bought land…..something that I could SEE. So very glad that I did!!
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any new news on refunds?????
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admin Reply:
April 15th, 2010 at 4:01 am
Hi Terry, Yes… Please see our latest post on the AG Edwards settlement…
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admin Reply:
April 15th, 2010 at 4:01 am
Hi Terry, Yes… Please see our latest post on the AG Edwards settlement…
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No cash for the lawyers.
They can have one of my three worthless vouchers. That’s still 33% for them, and seems fair to me, considering how hard they worked (not) for five years to get it for me.
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admin Reply:
May 5th, 2010 at 3:43 am
Hi Ralph F, Very generous of you. I'm sure they'll appreciate your largesse.
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admin Reply:
May 5th, 2010 at 3:43 am
Hi Ralph F, Very generous of you. I'm sure they'll appreciate your largesse.
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What happen at the hearing?
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This is 2011. Where does this case stand now?
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We had three accounts at that time with A G Edwards…where does the action stand now?
Sharon
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Please keep us informed of this situation.Didn’t know anything about it. We are involved. Got a whole $2.40 back
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Keep us informed
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Just received my $20.41 and have the distinct feeling that that huge screw has been insaerted into my chest. tks
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Some are getting $20 to $25? Lucky. I get $8.XX for mine.
Not sure how to fill out the legal forms, so thanks for the toll free number, will use it to find out.
Thanks.
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I actually spoke to a human @1-800-320-5081 & was told that I am classified as Curren t Accounts I will get three Idvidual Credit Vouchers over 3 yrs for a total 24.65. Which she told me I could pass the Voucher to another member because I do not have any open accounts with Wells Forgo .Anyone that are Classifed as Former Accounts will be mailed a check.
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