Meyer Wilson Recovers Full Investment Losses against Hightower Securities for GPB Investor
Meyer Wilson Attorney Courtney Werning and our team recently secured a FINRA arbitration victory for a client who lost money investing in GPB Capital Holdings at the recommendation of his broker and investment adviser at Hightower Securities.
Following a weeklong evidentiary hearing in New York City, the NYC FINRA arbitration panel ordered Hightower to take back the now-defunct GPB funds and pay the Claimant $163,201 in damages, the full amount of his investment losses.
Our client, represented jointly by Meyer Wilson and Peiffer Wolf Carr Kane & Conway, was sold $170,000 of GPB Capital funds at the recommendation of his broker and adviser at Hightower, despite such investments not being fit for any investor. GPB was eventually exposed as a Ponzi scheme.
As Attorney Courtney Werning notes:
“[w]e presented an abundance of evidence during the final hearing that Hightower failed spectacularly in its due diligence obligations regarding GPB Capital. What Hightower should have known about GPB from the beginning should have precluded it from selling any of the GPB funds to any investor. This case sends an important message to Hightower and all the brokerage firms that raked in enormous commissions for selling investments that were clearly not fit to be sold to anyone.”
GPB ran a Ponzi scheme that raised $1.8 billion in capital selling private placement securities that invested in automotive dealerships, the waste management industry, and middle market lending – a large portion of which was siphoned into the pockets of GPB principals and brokerage firms like Hightower that sold unsuitable private investments to their clients.
GPB CEO David Gentile and others involved in the scheme have been criminally charged with securities fraud.
Consumers to Receive More than $330 Apiece in TCPA Settlement
U.S. District Judge Fernando M. Olguin in Los Angeles on December 23, 2014, gave his final approval to a class action settlement in which consumers alleged that Carrington Mortgage had violated the Telephone Consumer Protection Act (“TCPA”) by calling its customers’ cell phones for debt collection purposes without their prior express consent.
The plaintiffs were represented by Meyer Wilson attorneys Matthew R. Wilson and Michael J. Boyle, Jr., along with their co-counsel. The settlement requires Carrington to place $1.035 million into a non-reversionary settlement fund, out of which class members may make a claim for a pro rata share. Each class member who made a timely claim will receive approximately $330.00.
This settlement is the latest in a string of TCPA class action settlements Meyer Wilson attorneys have achieved for their clients, in which class members who make claims on a fund receive cash awards.
ABOUT THE TCPA
The TCPA became law in 1991, putting restrictions on automated calls and prerecorded messages (for both debt collection and telemarketing purposes). The TCPA also now regulates automated text messaging. In most circumstances, an entity must have a person’s prior express consent in order to make automated or prerecorded calls or text messages.
Meyer Wilson represents people who have received unsolicited calls or texts and fights for their rights under the TCPA. The TCPA provides for damages of $500 up to $1,500 per violation, so if you have received or are receiving unsolicited robocalls or texts, contact Meyer Wilson today for more information.
Columbus Federal Court Judge Approves Settlement of $7,000,000 PNC Bank Employment Class Action
Meyer Wilson is pleased to announce the final approval of a settlement of its case against PNC Bank, N.A. Filed in 2011, the settled class consists of all individuals who worked as Mortgage Loan Officers for PNC Bank at any time between the earlier of March 19, 2009 or the date three years prior to the date the MLO opted-in to this action, and April 4, 2011, and who opted-in to this action by filing their written consent to join prior to July 1, 2013. These mortgage loan officers alleged that they were denied overtime pay and were otherwise improperly classified by PNC Bank as exempt employees. PNC Bank denies all wrongdoing.
The settlement approved by the federal court represents a significant recovery for class members. PNC Bank agreed to pay $7 million into a settlement fund, out of which eligible class members will receive a monetary award.
Seattle Federal Court Judge Approves Settlement of Sallie Mae Class Action
Meyer Wilson is pleased to announce the final approval of a nationwide settlement against Sallie Mae, Inc. Filed in 2010, the settled class consists of all persons whom, on or after October 27, 2005 and through September 14, 2010, Sallie Mae, Inc. or any other affiliate or subsidiary of SLM Corporation placed a non-emergency telephone call to a cellular telephone through the use of an automated dialing system and/or an artificial or prerecorded voice. The nationwide settlement approved by the federal court in September 2012 represents a significant recovery for class members. Sallie Mae agreed to pay $24.25 million into a settlement fund, out of which eligible class members who filed timely and valid claims will receive a monetary award in the form of cash or a reduction to an outstanding loan.
Indianapolis Federal Court Judge Approves Settlement of HHGregg Class Action
Meyer Wilson is pleased to announce the final approval of a nationwide settlement against hhgregg, Inc. Filed in 2008, the class action alleged that hhgregg installed metal foil transition ducts/vents on clothes dryers in a manner prohibited by the manufacturers. This case was one in a series of consumer safety cases filed by Meyer & Associates against dryer retailers and installers across the country claiming that the retailers were installing dryers with improper vents which created a safety hazard.
The nationwide settlement approved by the federal court in March 2011 represents a significant recovery for Class Members: the ability to obtain a free replacement of their metal foil vent or be reimbursed for a previous vent replacement, up to a certain dollar amount.
Federal judge in North Carolina Orders Final Approval of Nationwide Class Action Against Lowe's
Meyer Wilson received final approval of another settlement case in its series of class actions filed against dryer retailers and installers based on the claim that the dryers were installed with vents prohibited by the manufacturers and resulted in a major fire hazard. This settlement with Lowe’s included cash relief for class members.
Meyer Wilson Wins Final Approval of California Class Action Settlement Against Office Depot
Meyer Wilson received final approval of a settlement against Office Depot on behalf of California consumers. Originally filed in 2007, the class action lawsuit claimed that the Defendant failed to comply with the terms of its warranty plans and with California law concerning such plans. The settlement negotiated by Meyer Wilson and approved by the federal court in California provides cash relief for persons and entities who purchased a warranty plan during the class period.
Ohio Federal Court Approves Final Settlement in Case Against Jeld-Wen
Meyer Wilson is pleased to announce the final approval of a nationwide class settlement with Jeld-Wen. Originally filed in 2008, the class action lawsuit claimed that the Defendant designed, manufactured, distributed and supplied defective windows. The nationwide settlement class provided significant relief, including free replacement windows for some class members who purchased defective windows during the class period.
Court Approves Final Nationwide Settlement Against Wendy's
Meyer Wilson is pleased to announce the final approval of a nationwide settlement against Wendy’s International. Originally filed in 2008, the nationwide class action lawsuit filed on behalf of shareholder’s relating to a proposed merger. As part of the nationwide settlement, Wendy’s will alter some of the terms of the merger by providing additional disclosures to its shareholders.
Court Approves Final Settlement With Motorola
Meyer Wilson is pleased to announce the final approval of a nationwide settlement in a case against Motorola. Originally filed in 2005, the nationwide class action lawsuit claimed that the Defendant designed, manufactured, distributed and supplied cellular phones with defective charging ports. The nationwide settlement class provided cash relief for all qualified persons and entities who purchased the allegedly defective cellular phones during the class period.