Securities America Inc. Mutual Fund Class B and C Shares
This case is closed. You may review eligibility and related claims information for reference only.
Who is eligible for remediation?
Approximately 266 client households of Securities America Inc. (SAI) who:
- Between January 1, 2003 and June 28, 2007, purchased Class B shares through the firm totaling $50,000 or more in any single fund family which shall be aggregated by household (as that term is defined in the Letter of Acceptance, Waiver and Consent) and fund family in determining if the $50,000 threshold was met; or
- Between January 1, 2003 and June 28, 2007, purchased Class C shares through the firm which when aggregated by household and fund family total $500,000 or more and involved payment of a front-end load, or $1 million or more where no front-end load was paid.
Note that certain purchases may be excluded.
If I am eligible, when can I expect to be remediated?
The settlement provides that the remediation will be completed by March 24, 2008. The firm will also establish a response team to handle customer inquiries, and will provide you with contact information.
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.
- Press Release, NASD Settles Cases Against MML Investors Services, NYLIFE Securities, Securities America and Northwestern Mutual Investment Services for Fines Totaling over $1.2 Million for Failures Relating to Mutual Fund Sales.
- Investor Alert: Class B Mutual Fund Shares: Do They Make the Grade?
- Investor Alerts: Mutual Fund Breakpoints: A Break Worth Taking and Mutual Fund Breakpoints: Are You Owed A Refund?
- FINRA Fund Analyzer allows investors and financial professionals to review fees and potential discounts and understand their impact on fund performance.