If you maintained a brokerage account at A.G. Edwards between April 12, 2000 and April 12, 2005 in which you held shares of mutual funds and did not previously elect to exclude yourself, you may be a Class Member and entitled to benefits from the settlement of this certified class action lawsuit.
A class action settlement has been reached in a class action lawsuit pending against A.G. Edwards, Inc., and A.G. Edwards & Sons, Inc. (collectively “A.G. Edwards” or “Defendants”) in the Missouri Circuit Court, Twenty-Second Judicial Circuit, City of St. Louis (styled Bachman, et al. v. A.G. Edwards, Inc., Cause No. 22052-01266-03), alleging, among other things, that A.G. Edwards breached its fiduciary duties to Plaintiffs, who are the owners of A.G. Edwards’ accounts, and to all others similarly situated, and that, as a result of those breaches, A.G. Edwards has been unjustly enriched by receiving certain payments from mutual fund companies whose funds were held by Plaintiffs, according to the A.G. Edwards mutual fund class action settlement notice.
The A.G. Edwards class action settlement reportedly provides that the parties have agreed to settle the certified class action for a total of $60 million. Specifically, pursuant to the A.G. Edwards mutual fund settlement, Defendants will provide $26,000,000 in cash and Credit Vouchers with a face value of $34,000,000 for the benefit of settlement Class Members. In addition, A.G. Edwards will pay for the cost of class notice and settlement administration.
The recovery for each A.G. Edwards Class Member is reportedly $24.65 of Credit Vouchers per Current Account and $20.42 in cash per Former Account. According to the A.G. Edwards class action settlement notice, there are 1,672,925 accounts held by A.G. Edwards Class Members – of which, 1,379,105 are Current Accounts and 293,820 are Former Accounts.
The Court is scheduled to hold a Settlement Fairness Hearing on May 14, 2010 at 9:30 a.m. at the St. Louis City Circuit Court, Civil Courts Building, 10 North Tucker Boulevard, St. Louis, MO 63101-2044 to consider, among other things, whether the class action settlement is fair, reasonable, and adequate.
For more information on the A.G. Edwards mutual fund class action lawsuit settlement and potential settlement benefits and/or updates on the settlement, visit the A.G. Edwards class action settlement website:
www.agedwardsclassactionsettlement.com
If You Have Thoughts On The A.G. Edwards Class Action Lawsuit Settlement, Share Your Settlement Comments Below.
{ 18 comments… read them below or add one }
Last mailing received from circuit court was Nov.20-2009. would like an up-date on May 2010 Court hearing. Thank you, Buzz.
Has a settlement been reached?
I lost almost $150,000. and all I get in return is $20.62. Are you sure they can afford it?
Dale, You are lucky you got$20. I got a credit for services I have never used and probably will never use. I will gladly trade my credits with a lawyer who worked on this action for 50% cash. This is almost as bad as a class action I was involved in where I was told since my share was less than $10, I would not get anything.
Has anybody heard any thing about law suit. received letter in mail about Nov.9 2009. and what happend to Fairness Hearing on May 15? HELP ANYBODY!!!!
i was not even aware that AgEdwards has a suit going,i had money,an ira there,when i heard,i went to my broker John Burns,his reseptionist would not even let me talk to him,her name was Jamie,I later found out that John Burns and Jamie run a retirement plan for seniors,i went there and John would not even look at the account paper i had and Jamie would not either and requested i leave the building.
Another fine example of robber barons.
The only good lawyer or stock broker or insurance agent or real estate agent are DEAD ones. Leeches of society!
May they all eat shit and die and procede to rot in HELL!!!!!!!!!!!!!!!!!!!!!!!!
after recieving 20 million, you are cheating me out of 20.42 by writing the check to the wrong payee . this sounds like lawyer cheating as usual.how do smart, moral,good people justify such shixxy action?
acct. name— Hansen Trust UTD November 20,1990
I receieved 2 settlement checks for my Mother. She is deceased I need to know what to do about replacement checks.
Thank you
I received a check for my late husband and need to know how to go about getting a replacement check.
Thank you,
I received 3 checks made out to ttee and my ira. My bank (Bof A) won’t cash them for me. Can you please send me 3 replacement check in my name only? I will send these back to tou. Any phone # that I can talk to a LIVE person? thank you
Alot of good vouchers will do… Both my Mother and I closed our accounts….so what good is a voucher. Send me a check
Same here, I tried to contact Wells Fargo and received no response. I want my check.
I received a check that is issued to my deceaced husband and myself.
I need a new one issued in my new married name so I can cash it.
Virginia G Gerard I was formerely Virginia G Jerrell
Got a credit voucher which is no good to me I just hope the poor lawyers make enough money so they buy them another new house for Christmas
12-14-11: I just rec’d my ‘credit vouchers’ letter 2 weeks ago and it tells me nothing. ‘Vouchers’ do me no good. I no longer have an AGE acct, nor will I ever open another with them. Give me my CASH; lawyers can have my VOUCHERS. Who on earth hired this group of greedy connivers to represent us, the people who lost everything? I have serious issues with the conduct of the judge (s) who agreed to this silly settlement. Can anyone tell me in simple lay terms …HOW can I collect anything from A. G. Edwards?
The whole settlement is ridiculous,just pay us the cash.As always the winners are the lawyers and the investors are given worthless voucherswith all these restrictions on them. I would sure feel ashamed of myself to offer this kind of settlement to my clients. It is just plain stupid.
It’s bad enough that shareholders were taken advantage of by overcharging for fees. Now that the settlement has been finalized, anyone without an account is forced into setting up a NEW account for the credits to be applied if they want their lousy $24.
Just send a credit check to those who could use the money to feed their families instead of insisting contributions to another fund management company that will make millions for their own benefit.