| Only two companies?
Depending on the industry, many companies are subjects of class action suits.
Many of those suits are baseless. Most suits are settled out of court. Most
companies have funds set aside to settle claims and case losses are seldom
reflected in the share price, I would NOT expect a broker to inform me of
class action suits against companies in which I own shares; that is not a
broker's job.
If the broker promised to do something and has not, then you have in issue with
the quality of his service. Go somewhere else.
As Always, For What It's Worth,,,,,
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| .1 Agree. The only problem is that my shares are kept in Street name
and all the literature goes to them which they in turn will mail me
annual reports, proxies, etc. The other funny think that a friend with
same broker had received the law suit material (infact that's how we
learned about SUN Mircosystems' class action).
Hossein
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| There is no responsibility for a broker to do anything but provide you
with a proxy when the company issues one as far as "notice" goes.
In most cases, a (pre-trial/pre-settlement) class action notice applies
only to people who want to "opt out".
On the other hand, if there was a cash settlement arrived at by a
company sued by its shareholders to which you are entitled, and your
broker cashed the check, then that's a serious matter of fraud.
The rules vary: in some cases a legal notice has to be placed in
newspapers like the Wall Street Journal or New York Times or a local
newspaper.
There may also be shareholder litigation newsletters that really track
this but I don't know of any.
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