Investment Losses
IBM Retirement Plans Breach of Fiduciary Duty Settlement
A settlement of $4,750,000 is resolving a class action against the IBM Retirement Plans Committee and certain individuals under the Employee Retirement Income Security Act (ERISA). The complaint alleged that the committee breached its fiduciary duty of prudence in offering IBM common stock as an investment in its 401(k) plan. It claimed that the committee Read more
Vida Longevity Fund Omissions in Offering Materials Class Action
This class action brings suit under the Texas Securities Act (TSA) against a number of parties related to the Vida Longevity Fund, LP, established in 2010. The Fund promised a high rate of return, but the complaint alleges that it was hiding “serious weaknesses in the Funds’s internal processes and procedures…” It claims that these Read more
EquiAlt $170 Million Ponzi Scheme California Class Action
“This case arises from $170 million Ponzi scheme operated by EquiAlt, LLC[,]”the complaint for this class action says in its opening line. According to the complaint, EquiAlt claims to use investor funds to buy distressed real estate and promised eight to ten percent profit with very little risk. However, the complaint claims that the promises Read more
United States Oil Fund Investment Losses Investigation
Did you lose a large amount of money on your investment with the exchange-traded fund (ETF) United States Oil Fund, LP (USO)? Do your losses on this fund add up to $250,000 or more? We’re investigating whether certain statements made by USO in its March 2020 registration statement might have been false or misleading, giving Read more
Robinhood Trading Systems Fail in Volatile Market Class Action
In recent months, the stock market has been very volatile, plunging downwards and shooting up again in connection with the coronavirus pandemic. Investors must make decisions—and trades—quickly. The complaint for this class action alleges that services for online trading firm Robinhood failed at important times, leaving investors unable to buy or sell securities for their Read more
Secondary Responsibility for Losses in Aequitas Securities Class Action
How is it that a company touted as a stable, secure investment “collapsed in spectacular fashion and was shut down by the Securities and Exchange Commission” (SEC)? Aequitas did so, losing its investors hundreds of millions of dollars. The complaint for this class action alleges that secondary responsibility for the losses belongs to other companies Read more
Ameritrade Investment Losses via Tax-Loss Harvesting Feature Class Action
This class action centers on a feature in an investment account called tax-loss harvesting. The complaint alleges that TD Ameritrade Holding Corporation and three of its Ameritrade subsidiaries are responsible for losses in an account that was managed by Ameritrade when the tax-loss harvesting feature did not work as intended. Read more