{"id":1814,"date":"2017-10-05T19:58:42","date_gmt":"2017-10-06T00:58:42","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1814"},"modified":"2022-08-26T13:39:19","modified_gmt":"2022-08-26T18:39:19","slug":"judge-approves-31m-class-action-securities-settlement-rcs-capital-shares","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/judge-approves-31m-class-action-securities-settlement-rcs-capital-shares\/","title":{"rendered":"Judge Approves $31M Class Action Securities Settlement Over RCS Capital Shares"},"content":{"rendered":"

In New York, a federal judge has approved a $31M shareholder fraud settlement reached in the class action securities case filed by investors that purchased stock in former broker-dealer RCS Capital. The plaintiffs, including lead plaintiffs the City of Providence, Rhode Island and the Oklahoma Police Pension Fund, had sued the brokerage firm, its head Nicholas Schorsch, and other ex-executives in 2014 claiming that that RCAP and the other defendants misled investors with \u201cfalse and misleading statements and omissions\u201d about RCAP\u2019s business prospects.<\/p>\n

The investors contend that they purchased RCS Capital stock at prices that were artificially inflated because of these statements. They are claiming massive shareholder losses.<\/p>\n

RCAP, once controlled by Schorsch and others, was a privately held brokerage firm that wholesaled American Reality Capital nontraded REITs. Schorsch also owned ARC, which set up and managed the real-estate investment trusts.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In New York, a federal judge has approved a $31M shareholder fraud settlement reached in the class action securities case filed by investors that purchased stock in former broker-dealer RCS Capital. The plaintiffs, including lead plaintiffs the City of Providence, Rhode Island and the Oklahoma Police Pension Fund, had sued the brokerage firm, its head […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3804,3759,3741],"tags":[],"class_list":["post-1814","post","type-post","status-publish","format-standard","hentry","category-class-action-lawsuits","category-reits","category-securities-fraud"],"yoast_head":"\nJudge Approves $31M Class Action Securities Settlement Over RCS Capital Shares — Investor Lawyers Blog — October 5, 2017<\/title>\n<meta name=\"description\" content=\"In New York, a federal judge has approved a $31M shareholder fraud settlement reached in the class action securities case filed by investors that — October 5, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, 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