Class Action Archive
AG Edwards Class Action - Update 1
November 11th, 2009. By LucyC
We’ve had a lot of interest from you about the status of the A.G. Edwards class action and what, if any mutual funds may be involved. This is what we’ve managed to find out—we hope it helps. We’ll continue to follow this for you, so keep your questions coming.
First off, why where you notified about the AG Edwards (AGE) Class Action?
According to official documentation provided on the AGE class action website:
“Records show that you maintained a brokerage account at A.G. Edwards in which you may have held shares of any mutual funds that were advised by, distributed by, or in any way related to companies that compensated A.G. Edwards based, at least in part, upon the holdings of A.G. Edwards’ clients in the respective mutual funds during any part of the period beginning on April 12, 2000 and ending on April 12, 2005. This notice explains that the Court has allowed, or “certified” a class action lawsuit that will affect you if you are a member of the Class.”
So, a class has been certified, which means the lawsuit can proceed as a class action. No determination of right or wrong has been made—and that could be decided in court. Again, according to the official documentation:
“The Court has not decided whether A.G. Edwards or the Plaintiffs are correct. By establishing the Class and issuing this Notice, the Court is not suggesting that the Plaintiffs will win or lose the case. The Plaintiffs must prove their claims at a trial scheduled to start on December 14, 2009.”
So what AG Edwards mutual funds qualify?
According to the documentation, the following is a list of mutual funds “that might be involved:”
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?
MoneyGram Scammed Us
November 6th, 2009. By janem
Back in July Pleading Ignorance looked at Moneygram and its involvement, if any, to consumer fraud. We really did plead ignorance because it turns out that Moneygram isn’t the reputable company we believed it to be. Although we weren’t scammed financially as countless unfortunate US consumers were, “The wool got pulled over our eyes”, as the old saying goes.
The FTC recently charged that the second-largest money transfer service in the US allowed its money transfer system to be used by fraudulent telemarketers to bilk consumers out of tens of millions of dollars. And it has to pay the FTC a hefty $18 million to compensate consumers.
That sounds like a lot of dough, but it’s a measly amount to pay back, considering that many consumers likely didn’t report a loss. And a recent FTC survey reported almost 80 percent of all MoneyGram transfers of $1,000 or more from the US to Canada over a four-month period in 2007 were fraud-induced.
And if that’s not enough to make you shake your head, MoneyGram itself received more than 20,600 fraud complaints that cost consumers more than $44 million to cross-border money-transfer frauds between 2004 and 2008 alone. Combine that with losses reported by U.S. consumers on money transfers within the US and that number almost doubles to a whopping $84 million! Cha-ching!
According to the FTC, MoneyGram knew that its network has been used over the last few years by telemarketing scammers to prey on US consumers. And worse, some MoneyGram agents were also scam artists but the money transfer service more or less turned a blind eye. Big mistake: the FTC had MoneyGram in its eagle eye.
This is how the scam works. Con artists prefer to use money transfer services because they can pick up transferred money immediately, the payments are often untraceable, and unknowing consumers can’t do anything about it. Until now, that is.
The FTC has a new Consumer Alert, available on its website, titled “Money Transfers Can Be Risky Business.” And consumers interested in the process of redress administration should call 1-202-326-3755.
Waaahhh!…My iPhone MMS was delayed
September 29th, 2009. By AbiK
I’m with Dan Nosowitz over at Gizmodo: the class action lawsuit over Apple’s and ATT’s late delivery of MMS is…”awfully silly”.
It’s like listening to a toddler whine on and on about whether he can have his snack because, after all, mommy said he could have it in five minutes—and wouldn’t you know, mommy had to take a phone call. Whoops. So the snack took 8 minutes for delivery…Waaaaahhhhhhh!!
I’m betting that Kyle Irving of Minnesota (who according to Nosowitz’ report received his iPhone in June and was told he’d have MMS, but it took 2 months to arrive) who joined the class action also sits by the clock to monitor whether the Domino’s guy takes over 30 minutes. (Yeah, I know, I know, it’s the principle of it.)
Look, should Apple and ATT have kept their promotional diarrhea in check a bit more till they were absolutely certain of the MMS delivery date? Sure. But c’mon Kyle et al, seriously, all’s well that ends well and no injury or harm or adverse events have been reported as far as I can tell as a result of delayed MMS. So save the litigation for something that really needs to get thru the courts system and save the frivolity for happy hour this Friday.
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