|
Search
Search through the thousands of lawsuits, complaints and recalls on our site.
 |
Case ID: 4827 | Credit / Debt | 06/02/2006
A class action lawsuit was filed in New York on behalf of those who purchased Oppenheimer mutual funds from the AIG Advisor Group, with parent company American International Group Inc as the defendant.
The complaint alleges that the defendants failed to properly disclose that they had been aggressively pushing sales employees to sell the certain mutual fund companies and certain mutual fund families that provided financial incentives and rewards to AIG and its personnel based on sales. The funds in question included the following mutual fund families: AIG SunAmerica, AIM, AllianceBernstein, American Funds, American Skandia, Columbia, Fidelity, Franklin Templeton, Hartford, John Hancock, MFS, NationsFunds, Pacific Life, Pioneer, Putnam, Oppenheimer, Scudder, Van Kampen, and WM Funds Distributor, Inc. A lawyer that filed the case states "Instead of offering fair, honest and unbiased recommendations to investors, the AIG Financial Advisors gave pre-determined recommendations, pushing clients into a pre-selected limited number of mutual funds so that the Financial Advisors could reap millions of dollars in kickbacks from the Shelf-Space Funds, with which they had struck secret, highly lucrative deals to profit at shareholders'' expense." The lawsuit is open to any person that purchased a mutual fund from AIG in the following companies: AIG SunAmerica, AIM, AllianceBernstein, American Funds, American Skandia, Columbia, Fidelity, Franklin Templeton, Hartford, John Hancock, MFS, NationsFunds, Pacific Life, Pioneer, Putnam, Oppenheimer, Scudder, Van Kampen, and WM Funds Distributor, Inc. 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 Credit / Debt Cases of Interest A state judge has dismissed four of five class-action lawsuits that allege hospitals charge higher rates for patients who are uninsured than for those who have health insurance. The lawsuits claim that hospitals have two-tiered billing systems: One for patients insured by companies that negotiate discounts and another higher rate for the uninsured. Chevy Chase Bank has settled a seven-year-old class-action lawsuit that could affect hundreds of thousands of credit card holders who say they were charged late fees and excessive interest rates that were not part of their agreements with the bank. Credit counseling can be an effective way to manage debt that has gotten out of hand. A nationwide class action has been filed against debt management company CRS Financial Services, Inc. and two associated companies on behalf of all persons who used the companies’ debt management services from March 15, 1998, to the present. The action alleges that CRS violated the federal Consumer Protection Credit Act and the Florida Deceptive and Unfair Trade Practices Act when it failed to service their debts in a timely fashion. A class action has been filed against Transunion, a credit reporting agency, by Steven and Melody Millett after Steven’s Social Security number was stolen and used by another individual over the course of 13 years. The Milletts claim that Transunion should have known that the Social Security Number was being used by more than one person and that upon being notified of the error, should have corrected their error. The lawsuit alleges negligent misrepresentation, fraud and failure to comply with the Fair Credit Reporting Act and seeks damages and injunctive relief. Several class actions have been filed against financial services company UICI (NYSE:UCI) and certain of its officers and directors by stockholders who purchased the company's common stock between January 17, 2000, and July 21, 2003. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The class has been certified in an action filed against debt collector Corporate Receivables, Inc. on behalf of all persons with Illinois addresses who, on or after September 17, 2001, were sent a letter seeking to collect an amount allegedly owed to Household. The action alleges that Corporate Receivables failed to state clearly the amount of the debt it was seeking to collect in violation of the federal Fair Debt Collection Practices Act.
|
|
© 2000 - 2008 Copyright. All rights reserved nola3, llc.
