David Lerner Associates, Inc. Unfair Pricing Restitution Information

Restitution Information for Investors

This case is closed. You may review eligibility and related claims information for reference only.

Who is eligible for restitution?
Restitution in the amount of $597,695.21 will be paid to certain customers who were subject to unfair pricing practices on municipal bond trades.

How will eligible individuals be notified?
Eligible investors should receive payment from David Lerner Associates, Inc. (DLA) on or before December 6, 2012. If for any reason DLA cannot locate any customer after reasonable and documented efforts to do so, it will forward any undistributed restitution and interest to the appropriate escheat, unclaimed property or abandoned property fund for the state in which the customer is last known to have resided.

Do I have to redeem my bonds to receive a restitution payment?
No, investors eligible for restitution need not exchange, redeem or otherwise dispose of their municipal bonds to receive a payment.

What options are available to investors?
The remediation plan does not foreclose your ability to pursue arbitration or mediation if you believe you have suffered losses. You should consult an attorney as to your rights.

Additional questions or concerns
Customers with additional questions may contact FINRA’s Office of Investor Education at (202) 728-8827. Customers are also encouraged to read FINRA’s News Release, FINRA Sanctions David Lerner Associates $14 Million for Unfair Practices in Sale of Apple REIT Ten and for Charging Excessive Markups on Municipal Bonds and CMOs.