SOURCE: Catanzarite Law Corporation

March 19, 2010 22:00 ET

Orange County Based Catanzarite Law Corporation Files Securities Class Action Against Securities America Advisors, Inc.

ANAHEIM, CA--(Marketwire - March 19, 2010) -  Catanzarite Law Corporation today announced it has filed a class action lawsuit on behalf of all California residents who had one or more investment accounts which were charged an investment management fee by Securities America Advisors, Inc.("SAA" or the "Company"), an investment advisor firm registered with the Securities and Exchange Commission and an affiliate of Securities America, Inc. SAA, a wholly owned subsidiary of Securities America Financial Corp., in turn a subsidiary of Ameriprise Financial, Inc. (NYSE: AMP). The lawsuit seeks the return of all investment advisory fees charged to such clients during either or both of the following "Class Periods": (1) September 6, 2001 and September 25, 2008 and (2) the time period commencing July 24, 2005 through current date. The subject asset management services were marketed and sold through SAA's "Investment Advisor Representatives" or "IA Reps" who charged the clients a fee under a Financial Advisors Program (FAP) during the Class Periods.

The lawsuit, pending in the Los Angeles Superior Court, State of California, alleges that SAA's FAP investment contracts are void or voidable in that SAA was not qualified to do business in California during the period September 6, 2001 and September 25, 2008 and alternatively that the contracts entered into on and after July 24, 2005 failed to disclose "lower cost alternatives" and or "conflicts of interest"; that SAA breached its fiduciary duties to the plaintiffs by charging an unreasonable and excessive management fee and seeks the return of such fees or alternatively the unreasonable portion charged and that such conduct constitutes an unlawful business practice as defined by section 17200 of the California Business & Professions Code. Plaintiff seeks to recover damages on behalf of all persons charged such management fees.

To join the Securities America Advisors, Inc. class action, call Ken Catanzarite, Esq. or his assistant Jenifer De Vera at 714-520-5544 or email kcatanzarite@catanzarite.com or jdevera@catanzarite.com for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

The Catanzarite Law Corporation is an Orange County based law firm representing investors across the nation in shareholder and securities litigation.

Contact Information

  • Contact:
    Ken Catanzarite, Esq. or Jenifer de Vera
    Catanzarite Law Corporation
    Tel: 714-520-5544
    2331 West Lincoln Avenue
    Anaheim, CA 92801