The Securities Arbitration Law Firm of KlaymanToskes, announced today that a global settlement has been reached with all defendants in the class action lawsuit, In re: Wachovia Preferred Securities and Bond/Notes Litigation, Case No. 09-cv-06351, on behalf of investors who purchased certain Wachovia n/k/a Wells Fargo (NYSE: WFC) preferred securities and bonds pursuant or traceable to numerous public offerings between July 31, 2006 and May 29, 2008. The settlement consists of a $590 million settlement with Wachovia and its affiliated entities, including various underwriters and certain former Wachovia officers and directors, as well as a $37 million settlement with KPMG, LLP, Wachovia’s auditor. The settlements still need to be reviewed and approved by the District Court Judge.
Potential class members who purchased Wachovia preferred securities and bond/notes from an underwriter/broker dealer defendant should consider whether they should opt out to file an individual securities arbitration claim against the brokerage firm who sold them the products, or participate in the class action. KlaymanToskes reminds investors of the benefits of filing an individual securities arbitration claim, as opposed to participating in a class action lawsuit. By participating in a class action lawsuit, an investor may only recover a nominal amount. However, if one has experienced significant losses, it may be more beneficial for them to file an individual securities arbitration claim. In 2003, KlaymanToskes conducted a detailed study of securities arbitration versus class action. The study concluded that investors who file a securities arbitration claim traditionally obtain an overall higher rate of recovery as opposed to participating in a class action lawsuit. To view the full results of the comparison, click here.
Investors who purchased Wachovia preferred securities and bond/notes from a full service brokerage firm and sustained significant losses can contact KlaymanToskes to explore their legal rights and options. The attorneys at KlaymanToskes are dedicated to pursuing claims on behalf of high-net-worth, ultra-high-net-worth and institutional investors who have suffered investment losses. KlaymanToskes, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.