Securities America Ups The Ante In Its Private Placement Case
Making a substantial move in the negotiations to resolve the claims of investors who lost massive sums of money in private placement offerings, Securities America has offered arbitration claimants 45% to 48% of the value of their claims, according to an article in Investment News. This represents a considerable increase from the 15% to 20% they rejected as part of a class action settlement. As of this writing, it is not known if the offer, if accepted, would resolve the threat to Securities America’s future, since it has faced possible bankruptcy due to the “uncertain legal contingencies” related to the $400 million legal claims from the sale of Medical Capital and Provident Royalties private placements.
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