David Meyer served as lead counsel on behalf of over 200 retirees in Ohio in an unauthorized trading and breach of fiduciary class action against Prudential Securities. Following a multiple week trial, the jury returned a verdict for $12 million in compensatory damages and $250 million in punitive damages. After a seven year legal battle, including multiple appeals by Prudential, every retiree class member received more than 100% of their individual damages, even after deducting attorneys’ fees and expenses.
David Meyer served as lead counsel on behalf of over 200 retirees in Ohio in an unauthorized trading and breach of fiduciary class action against Prudential Securities. Following a multiple week trial, the jury returned a verdict for $12 million in compensatory damages and $250 million in punitive damages. After a seven year legal battle, including multiple appeals by Prudential, every retiree class member received more than 100% of their individual damages, even after deducting attorneys’ fees and expenses.
In a case filed in Chicago, Meyer Wilson and its co-counsel achieved the largest all-cash class settlement in the history of the TCPA. Consumers who received automated or prerecorded calls on their cell phones were able to make claims for their share of the common fund; more than 1.4 million persons did so and received checks as a direct result of this historic settlement.
In a case filed in Chicago, Meyer Wilson and its co-counsel achieved the largest all-cash class settlement in the history of the TCPA. Consumers who received automated or prerecorded calls on their cell phones were able to make claims for their share of the common fund; more than 1.4 million persons did so and received checks as a direct result of this historic settlement.
In April 2015, HSBC agreed to pay $39.975 million into a settlement fund for the benefit of consumers, represented by Meyer Wilson, who received automated or prerecorded message on their cell phones from HSBC. This was one of the largest settlements in the history of the TCPA.
In April 2015, HSBC agreed to pay $39.975 million into a settlement fund for the benefit of consumers, represented by Meyer Wilson, who received automated or prerecorded message on their cell phones from HSBC. This was one of the largest settlements in the history of the TCPA.
Consumers were able to share in a common fund of $32 million, which Bank of America paid in a class action lawsuit brought by Meyer Wilson in San Francisco. The plaintiffs alleged that the debt collection robocalls they received were illegal. This was the largest such settlement in history at that time.
Consumers were able to share in a common fund of $32 million, which Bank of America paid in a class action lawsuit brought by Meyer Wilson in San Francisco. The plaintiffs alleged that the debt collection robocalls they received were illegal. This was the largest such settlement in history at that time.
Meyer Wilson was co-lead Class Counsel in this nationwide class action alleging unauthorized autodialer calls to the cell phones of borrowers. The $24.15 million class settlement was the largest in the history of the TCPA at that time.
Meyer Wilson was co-lead Class Counsel in this nationwide class action alleging unauthorized autodialer calls to the cell phones of borrowers. The $24.15 million class settlement was the largest in the history of the TCPA at that time.
Meyer Wilson’s clients had alleged that ING had promised them that their ability to modify the mortgage notes on their adjustable rate mortgages if interest rates went down would never be taken away, nor would it ever go up in price during the life of their loan. After nearly five years of litigation, Meyer Wilson achieved a class settlement of $20.35 million in cash for its clients.
Meyer Wilson’s clients had alleged that ING had promised them that their ability to modify the mortgage notes on their adjustable rate mortgages if interest rates went down would never be taken away, nor would it ever go up in price during the life of their loan. After nearly five years of litigation, Meyer Wilson achieved a class settlement of $20.35 million in cash for its clients.
Meyer Wilson’s class action lawyers obtained a settlement with PNC Bank that resulted in a payment of $7 million for mortgage loan officers who alleged that they had been improperly classified as exempt from the overtime laws.
Meyer Wilson’s class action lawyers obtained a settlement with PNC Bank that resulted in a payment of $7 million for mortgage loan officers who alleged that they had been improperly classified as exempt from the overtime laws.
Bank of the West paid more than $3.35 million in cash to fund a settlement with consumers who alleged that they were robocalled illegally.
Bank of the West paid more than $3.35 million in cash to fund a settlement with consumers who alleged that they were robocalled illegally.
Meyer Wilson sued big box retailers Lowe’s, Best Buy, and HH Gregg, alleging that those stores had installed the wrong type of vent on clothes dryers in their customers’ homes. The type of vents the stores were using could cause fires, according to the installation instructions given by manufacturers of the dryers themselves, the lawsuits alleged. As a result, Meyer Wilson argued that it wasn’t fair that the stores should be able to keep the money from their installation charges for such allegedly dangerous installations. In settling the cases on a classwide basis, each of the retailers agreed to re-do the installations with the proper type of vent - for any customer who wished - at no charge.
Meyer Wilson sued big box retailers Lowe’s, Best Buy, and HH Gregg, alleging that those stores had installed the wrong type of vent on clothes dryers in their customers’ homes. The type of vents the stores were using could cause fires, according to the installation instructions given by manufacturers of the dryers themselves, the lawsuits alleged. As a result, Meyer Wilson argued that it wasn’t fair that the stores should be able to keep the money from their installation charges for such allegedly dangerous installations. In settling the cases on a classwide basis, each of the retailers agreed to re-do the installations with the proper type of vent - for any customer who wished - at no charge.
Arbitration A procedure in which a dispute is submitted to one or more neutral arbitrators who make a binding decision on the dispute.
Churning Buying and selling of securities in an investor's account in excessive sizes or frequencies solely for the purpose of generating commissions.
Eligibility Period A period of time in which an investor can file a claim in the FINRA arbitration forum. The Eligibility period is six years from the occurrence or event giving rise to the claim. When the Eligibility period starts running varies according to the particular case.
Failure to Supervise This occurs when a brokerage firm or investment advisory firm fails to supervise its firm and agents to ensure compliance with and prevent violations of the rules of the securities industry.
Fiduciary Duty It is the highest standard of care and includes the duties of care, loyalty, and at all times to act in the client’s best interests.
Misrepresentation A breach of the duty of good faith not to misrepresent any "material" fact - a fact that addresses the nature or quality of the investment or the degree of risk involved - to the investor in the sale or recommendation of an investment.
Omission
Similar to a misrepresentation, an omission occurs when a broker or adviser has failed altogether to disclose a fact material to the investor's decision-making process.
Overconcentration
This is the failure by a broker or adviser to diversify an investor's portfolio to provide protection against a decline of one particular investment, asset type, or industry.
State Division of Securities
A state organization that oversees the securities industry within that state.
Statutes of Limitations Periods of time defined by law in which certain claims can be filed. The length of the statute of limitations period varies according to the particular claim and jurisdiction in which it is brought.
Unauthorized Trading
A broker who buys or sells securities in an investor's account without the prior consent of the investor.
Regulation Best Interest
A standard of care to which broker’s investment recommendations are held. If a broker recommends an investment not in the client’s best interest, considering her financial situation, investment objectives, age, sophistication, and risk tolerance, the broker may be held liable for any resulting losses from that inappropriate recommendation.