Girard Gibbs’ investment lawyers have brought a number of successful class action lawsuits on behalf of victims of various forms of investment fraud, including Ponzi schemes, pyramid schemes, and fraudulent non-traded REITs.
If you believe that you or a loved one has been the victim of investment fraud, please contact us by filling out the form to your right or calling us toll-free at (866) 981-4800 for a free and confidential consultation with one of our securities attorneys.
To learn more about our previous successes in securities lawsuits, please see below
Our financial fraud lawyers are investigating consumer reports that they have been overcharged when they refinanced their FHA mortgage loans. If you took out an initial FHA-insured mortgage loan between August 2, 1985, and January 20, 2015, and then later refinanced your mortgage, you may have been overcharged.
Girard Gibbs represents investors who held Series 3 Senior Debt Securities issued by KH Funding Company (referred to here as “Series 3 Notes”) as of February 5, 2010. KH Funding is a Maryland corporation that issued interest-bearing debt securities such as the Series 3 Notes and acquired, originated and serviced mortgage loans. KH Funding issued the Series 3 Notes pursuant to an indenture under which Wells Fargo Bank agreed to act as indenture trustee to oversee repayment of the Series 3 Notes and to protect the interests of Series 3 Noteholders in the event of default by KH Funding.
Girard Gibbs and co-counsel filed a consolidated class action complaint in February 2012 on behalf of investors who purchased shares of Apple REIT Six, Apple REIT Seven, Apple REIT Eight, Apple REIT Nine, and Apple REIT Ten through David Lerner Associates. The Apple REITs are non-traded real estate investment trusts that invest primarily in extended stay and limited service hotels. David Lerner Associates, the exclusive seller of the Apple REIT investments, collects 10% of every share sold as commissions and expense reimbursements. Apple REITs Six, Seven, Eight, and Nine are closed to new investors, and Apple REIT Ten is still open to new investors.
On July 25, 2011, a Federal District Court in Dallas, Texas granted final approval of an $80 million class action settlement on behalf of Securities America customers who purchased private placement investments in Medical Capital Notes and Provident Royalties, both of which were revealed to be Ponzi schemes. Investors will recover an average of over $30,000 per person through the settlement.
On September 16, 2008, it was announced that Reserve Primary Fund (RFIXX), one of the largest money market mutual funds, put a seven-day freeze on investor redemptions after the net asset value of its shares “broke the buck,” falling below $1. The fund is owned by Reserve Management Corporation and held approximately $785 million in Lehman Brothers commercial paper and medium-term notes, which was revalued as worthless by the fund’s board on Tuesday, following Lehman’s bankruptcy filing.
Girard Gibbs represents investors who purchased private placement notes of Medical Provider Financial Corp. III, Medical Provider Financial Corp. IV, Medical Provider Funding Corp. V and/or Medical Provider Funding Corp. VI (the “Medical Capital Notes”) on or after September 18, 2006. The lawsuit names as defendants Cullum & Burks Securities, Inc., Securities America, Inc., Ameriprise Financial, Inc., and CapWest Securities, Inc., who offered and sold the Medical Capital Notes to investors.
On July 13, 2007, U.S. District Judge Deborah A. Batts in the Southern District of New York granted final approval to a $100 million settlement of the securities class action and related claims against American Express Financial Advisors. The settlement covers clients of (“AEFA”) who purchased financial advisory services or financial advice (such as a financial plan) and/or mutual funds in the American Express family of mutual funds between March 10, 1999 and February 9, 2004.
Girard Gibbs and its associated co-counsel served as lead counsel in a number of lawsuits filed in connection with the collapse of the $330 billion auction-rate securities market. The firm led cases against such banks as: UBS, Deutsche Bank, Bank of America, E*Trade, Raymond James and Merrill Lynch.
Girard Gibbs LLP represents investors who purchased certain Lehman Brothers structured products (including “principal-protection notes”) in a class action lawsuit against UBS Financial Services, Inc. and Lehman Brothers’ directors and officers.
Girard Gibbs served as lead counsel in a case against H&R Block alleging that the tax firm misled consumers in the marketing and sale of its “Express IRAs”. The lawsuit alleged that H&R Block failed to adequately explain the Express IRA’s financial consequences and limitations and that H&R Block knew that the Express IRA was an unsuitable investment for most of its clients.