Great Western Settles Lawsuits With $17.2 Million - LOS ANGELES (AP)

LOS ANGELES (AP) -- A $17.2 million payout will settle much of the litigation that accuses Great Western Financial Corp. of conning elderly...

LOS ANGELES (AP) -- A $17.2 million payout will settle much of the litigation that accuses Great Western Financial Corp. of conning elderly investors into putting their money in risky investments that lost money.
Great Western, parent of the nation's second largest savings and loan, still faces similar lawsuits alleging it duped people into moving their money from federally insured savings accounts to mutual funds.

The company admitted no wrongdoing in settling the twin class-action suits in Los Angeles state and federal courts. The settlement won tentative approval Monday from U.S. District Judge Irving Hill; an April 14 final approval hearing was set.

Class actions are still pending in Florida and California. Among the plaintiffs in California is widow Ruby Rosenthal, 96, who says she lost $8,000 after a salesperson promised she could double the returns she was earning on a $60,000 certificate of deposit.

"They're waiting for me to die, but they better not hold their breath," Mrs. Rosenthal said in a news release issued by her lawyer.

Alan Schulman of San Diego, the lead lawyer in the California class actions, was pleased with the settlement given the advanced age of many of the class members and the possibility of a long trial and appeals.

Great Western set aside $8 million last quarter to help settle the California class-action suits. Insurance will cover the rest of the $17.2 million.

Great Western has maintained that the risks were fully disclosed to investors in the funds. It also has said that investors who hung onto the bond mutual funds recouped their losses when the bond market recovered in 1995.

The suits -- covering April 13, 1992, through April 13, 1995 -- were filed on behalf of tens of thousands of Californians. The investors mainly bought funds that held Treasury bonds, along with a few corporate bond funds.

They accused Great Western Bank of steering CD holders into the mutual funds of a sister company, Great Western Financial Securities, so the parent company could make more money. Great Western imposed a 4 1/2 percent initial sales commission and 1 1/2 percent a year in fees on the mutual funds.

The settlement will be divided among those who either lost money when they sold the bond funds after a 1994 downturn in the bond market, or made less than the 4 percent they would have earned from CDs.
Name

118 telugu movie,1,afcat 2019,1,alagappa university result Alagappa University,1,Anna univeristy,3,anna univeristy news,2,anna univeristy results,2,Anna univeristy transcripts,1,anna university,5,anna university student login,1,Antariksham 9000 kmph,1,auto,4,bank holidays,1,business,24,cbse exam result date,1,cyclone,1,Dhillukku dhuddu 2,1,education,15,February 8,1,Get Latest Telugu movies: Watch Online Telugu movies 2019,1,Getmyuni,1,Group D result,1,health,23,honda amaze,1,JIPMER 2019 registration,1,kgf,1,kgf movie rating,1,Kumbalangi Nights,1,Luka Chuppi,1,maari 2,1,Maha Shivratri,1,malayalam movie,1,mari 2,1,movie news,1,movie reviews,4,movierulz,1,msbte result,1,NEWS,56,nokia 9,1,oppo k1,1,Oru Adaar Love Malayalam movie,1,Padi Padi Leche Manasu,1,petta,1,phethai,1,pongal,4,Propose Day,1,railway group d result,1,railway group d result 2019,1,review,1,RRB Group D,1,RRB Group D Result,1,RRB Group D Result 2018,1,rrb group d result 2019,1,RRB Result,1,sci-tech,10,Shaunak Chakraborty,1,Sonu Nigam,1,sports,27,ssc je,1,tamil movie,1,tamil mv,1,tamil rockers,1,tamilrockers,16,Tamilrockers 2019,1,tamilrockers new movies,1,TATA Motors,1,tech,1,technology,9,telugu movies,1,Weather in Delhi,1,West Bengal Police constable recruitment,1,
ltr
item
Times Now India: News Up to date, All India news updates portal, Top headlines: Great Western Settles Lawsuits With $17.2 Million - LOS ANGELES (AP)
Great Western Settles Lawsuits With $17.2 Million - LOS ANGELES (AP)
https://1.bp.blogspot.com/-SBgOesEln7g/W-8POKuZihI/AAAAAAAAAXc/kwPexsUgxj8BY5f_tZz9Bl2lw8GXvEpYwCLcBGAs/s1600/ellen-pao.jpg
https://1.bp.blogspot.com/-SBgOesEln7g/W-8POKuZihI/AAAAAAAAAXc/kwPexsUgxj8BY5f_tZz9Bl2lw8GXvEpYwCLcBGAs/s72-c/ellen-pao.jpg
Times Now India: News Up to date, All India news updates portal, Top headlines
https://www.timesnowindia.com/2018/11/great-western-settles-lawsuits-with-172.html
https://www.timesnowindia.com/
https://www.timesnowindia.com/
https://www.timesnowindia.com/2018/11/great-western-settles-lawsuits-with-172.html
true
8987838410415587929
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy