Orange County Based Catanzarite Law Corporation Files Securities Class Action Against Securities America Advisors, Inc.
March 19 2010 - 10:00PM
Marketwired
Catanzarite Law Corporation today announced it has filed a class
action lawsuit on behalf of all California residents who had one or
more investment accounts which were charged an investment
management fee by Securities America Advisors, Inc.("SAA" or the
"Company"), an investment advisor firm registered with the
Securities and Exchange Commission and an affiliate of Securities
America, Inc. SAA, a wholly owned subsidiary of Securities America
Financial Corp., in turn a subsidiary of Ameriprise Financial, Inc.
(NYSE: AMP). The lawsuit seeks the return of all investment
advisory fees charged to such clients during either or both of the
following "Class Periods": (1) September 6, 2001 and September 25,
2008 and (2) the time period commencing July 24, 2005 through
current date. The subject asset management services were marketed
and sold through SAA's "Investment Advisor Representatives" or "IA
Reps" who charged the clients a fee under a Financial Advisors
Program (FAP) during the Class Periods.
The lawsuit, pending in the Los Angeles Superior Court, State of
California, alleges that SAA's FAP investment contracts are void or
voidable in that SAA was not qualified to do business in California
during the period September 6, 2001 and September 25, 2008 and
alternatively that the contracts entered into on and after July 24,
2005 failed to disclose "lower cost alternatives" and or "conflicts
of interest"; that SAA breached its fiduciary duties to the
plaintiffs by charging an unreasonable and excessive management fee
and seeks the return of such fees or alternatively the unreasonable
portion charged and that such conduct constitutes an unlawful
business practice as defined by section 17200 of the California
Business & Professions Code. Plaintiff seeks to recover damages
on behalf of all persons charged such management fees.
To join the Securities America Advisors, Inc. class action, call
Ken Catanzarite, Esq. or his assistant Jenifer De Vera at
714-520-5544 or email kcatanzarite@catanzarite.com or
jdevera@catanzarite.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER. YOU MAY
RETAIN COUNSEL OF YOUR CHOICE.
The Catanzarite Law Corporation is an Orange County based law
firm representing investors across the nation in shareholder and
securities litigation.
Contact: Ken Catanzarite, Esq. or Jenifer de Vera Catanzarite
Law Corporation Tel: 714-520-5544 2331 West Lincoln Avenue Anaheim,
CA 92801
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