U.S. District Judge Kiyo Matsumoto's dismissal of a class action lawsuit against David Lerner Associates Inc. earlier this week was a major victory for the Long Island-based financial adviser writes Andrew Osterland in an April 5th., 2013, article for InvestmentNews.com.
“Plaintiffs' belabored Complaint appears only to confirm that the Apple REITs are currently functioning in exactly the manner that was anticipated and disclosed in the REITs' prospectuses and other offering documents,” wrote Judge Matsumoto.
Osterland writes that the suit alleged that Lerner's sale of more than $6.8 billion in interests in five Apple REITs — nontraded property trusts — constituted a breach of fiduciary duty, unjust enrichment and negligence. The judge's ruling precludes the plaintiff attorneys from seeking to retry the case.
The firm still faces FINRA arbitration claims from dozens of investors in the trusts who allege that the REITs were unsuitable investments for them.Approximately 20 FINRA arbitration claims have been filed against the company over the Apple REITs. FINRA does not disclose information on arbitration claims made against firms.
If you or a family member have sustained investment losses due to your stock broker or financial advisor’s recommendations regarding non-traded REITs, private placements, or other complex products, call for a free consultation on how to potentially recover your losses. To speak with an attorney call Soreide Law Group at 888-760-6552.
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