Search
Search through the thousands of lawsuits, complaints and recalls on our site.

North Carolina BellSouth Early Retirees Say Salomon Smith Barney Gave Them Bad Investment Advice

Report Fraud
Case ID: 2822 | Employment | 10/22/2003

A class action has been filed against Salomon Smith Barney, Inc. and certain of its agents on behalf of a group of BellSouth retirees in North Carolina who allege that Salomon Smith Barney gave them faulty financial planning advice in violation of state consumer protection laws. The action seeks unspecified compensatory damages.

The action alleges that Salomon Smith Barney and its agents targeted BellSouth employees in North Carolina because they were eligible for early retirement from BellSouth and had access to lump-sum retirement funds. The company solicited them as potential clients of its financial consulting services at seminars throughout North Carolina and at BellSouth offices. Following these seminars, the retirees allegedly met face-to-face with the agents who are also named as defendants.

Because the employees were retiring early, the agents counseled them to establish "72T" accounts to avoid incurring tax penalties resulting from early withdrawal. This action alleges that, based on the financial planning projections provided by the agents, the employees retired and delivered their pension benefits along with other funds to Salomon Smith Barney. The promised levels of growth allegedly failed to materialize, and many of the retirees were compelled to alter the disbursements from their 72T accounts in order to protect the remaining value of their retirement funds, triggering tax penalties.

The action alleges that the agents' tax advice, retirement counseling, debt management, and financial planning were negligently provided.


At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints.

Other Employment Cases of Interest

If your employment contract promises you commissions and productivity bonuses, your boss has no choice but to pay you if you fulfill your end of the bargain. The class has been certified in a nationwide action filed against Snyder Communications, LP on behalf of long-distance telephone service sales associates who allege that the company failed to pay them commissions and bonuses, breaching their contracts and defrauding them since April 1997. Persons eligible to participate in the action should contact the class attorneys for more information.
 
A class action filed against the Northshore Mining Company of Silver Bay, Minnesota, by its female employees has been certified by the court. The case alleges that the company has been systematically discriminating against its female employees.
 
A class action lawsuit has been filed in the Southern District Court of Texas against Diversicare Management Services Company. The case involves violations of the Fair Labor Standards Act which establishes minimum wage, overtime pay, recordkeeping, and child labor standards affecting full-time and part-time workers in the private sector and in Federal, State, and local governments. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available.
 
A class action lawsuit has been filed in U.S. District Court for the Southern District of Florida against Keramac Management. The case involves violations of federal labor law. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available.
 
Norma Jean Williams, a former employee of a Salt Lake City Wal-Mart, filed a class-action lawsuit against the world's largest retailer, claiming that the employer altered records to cheat its employees. Williams is the only named plaintiff in the lawsuit filed in U.S. District Court for Utah. The lawsuit is one of many cases that allege evidence about Wal-Mart's non-payment of wages and forcing workers to work off the clock.
 
A statewide collective action has been filed in Florida against Professional Enterprises & Construction Corporation The action is brought on behalf of all current and former hourly employees of Professional Enterprises, who since June 2001, were not paid proper statutory overtime for all hours worked beyond 40 per week. The action is brought under the federal Fair Labor Standards Act and seeks statutory and liquidated damages as well as declaratory and injunctive relief. As a collective action, all potential claimants are required to "opt-in" to the action in order to be considered part of the class. The employees have requested that the court issue notice to all potential class members.
 
Become a LawCash Member - FREE!
'Find Money' E-Book
Weekly Email Alerts




privacy policy
Class Action Lawsuit Center || Product Recall Center || Consumer Complaint Center || About LawCash Link Exchange
Privacy Policy || Legal Policies || Terms & Conditions || Website Advertising Policy || Site Map || Top Lawsuits
LawCash® is a service of nola3, llc
© 2000 - 2008 Copyright. All rights reserved nola3, llc.

[ Home ]
LawCash
login
Justice is a click away.