Silver Law Group settles a Class Action Complaint on behalf of a group of investors which generally alleged Regions Bank assisted U.S. Pension Trust Corp (“USPT”) in the sale of unregistered securities and failed to properly disclose the high fees and costs of the program. Plaintiffs pursued a class action because many investors were located internationally and a class action was an appropriate vehicle to pursue damages. The SEC had previously charged USPT with violating the federal securities laws and entered judgment against USPT in September 2010. Plaintiffs alleged Defendants violated the Florida Securities and Investor Protection Act and aided and abetted the unregistered sale of securities, amongst other claims.
The victims were primarily from Latin America and over 5,000 investors were identified as potential class members. A United States District Court Judge in Miami appointed Silver Law Group and its co-counsel as attorneys to represent the Plaintiffs. The Plaintiffs further alleged Regions advised USPT on the design and content of marketing materials, had a role in drafting documents, participated in sales conventions and was paid as the trustee on USPT trust accounts. The class action ultimately settled for approximately $13 million. The case was reported by the Daily Business Review.
If you have questions about your legal rights, or have been the victim of investment fraud, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or Toll Free at (800) 975-4345.