$7.8 Million Settlement for Misrepresentations

A group of 40 South Jersey residents brought a lawsuit against a financial services company alleging that it duped these retirees, and others, into investing their life savings in risky limited partnerships.  The Complaint further alleged that its sales force misrepresented the nature of the investments and guaranteed that the investors would double or triple their money in between 7 and 10 years.

As a result of the misrepresentations, the retirees lost most of their life savings, much of which was in the form of “lump sum” payments upon their retirement.