{"id":5329,"date":"2012-07-12T00:00:00","date_gmt":"2012-07-12T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2012\/07\/institutional_investor_roundup"},"modified":"2022-05-17T14:29:14","modified_gmt":"2022-05-17T19:29:14","slug":"institutional-investor-roundup","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/institutional-investor-roundup\/","title":{"rendered":"Institutional Investor Roundup: Evergreen Ultra Short Investor Lawsuit Settled for $25M, FINRA Launches Pilot Program for Huge Claims, Ex-AmeriFirst Funding Manager\u2019s Conviction Appeal is Rejected, &#038; EU Regulator Examines Credit Raters\u2019 Bank Downgrade"},"content":{"rendered":"<p>Evergreen Investment Management Co. LLC and related entities have consented to pay $25 million to settle a class action securities settlement involving plaintiff investors who contend that the Evergreen Ultra Short Opportunities Fund was improperly marketed and sold to them. The plaintiffs, which include five institutional investors, claim that between 2005 and 2008 the defendants presented the fund as \u201cstable\u201d and providing income in line with \u201cpreservation of capital and low principal fluctuation\u201d when actually it was invested in highly risky, volatile, and speculative securities, including mortgage-backed securities. Evergreen is Wachovia\u2019s investment management business and part of Wells Fargo (WFC).<\/p>\n<p>The plaintiffs claim that even after the MBS market started to fail, the Ultra Short Fund continued to invest in these securities, while hiding the portfolio\u2019s decreasing value by artificially inflating the individual securities\u2019 asset value in its portfolio. They say that they sustained significant losses when Evergreen liquidated the Ultra Short Fund four years ago after the defendants\u2019 alleged scam collapsed. By settling, however, no one is agreeing to or denying any wrongdoing.<\/p>\n<p>Meantime, seeking to generally move investors\u2019 claims forward faster, the Financial Industry Regulatory Authority has launched a pilot arbitration program that will specifically deal with securities cases of $10 million and greater. The program was created because of the growing number of very big cases.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/institutional-investor-roundup\/\"  title=\"Continue Reading Institutional Investor Roundup: Evergreen Ultra Short Investor Lawsuit Settled for $25M, FINRA Launches Pilot Program for Huge Claims, Ex-AmeriFirst Funding Manager\u2019s Conviction Appeal is Rejected, &#038; EU Regulator Examines Credit Raters\u2019 Bank Downgrade\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Evergreen Investment Management Co. LLC and related entities have consented to pay $25 million to settle a class action securities settlement involving plaintiff investors who contend that the Evergreen Ultra Short Opportunities Fund was improperly marketed and sold to them. The plaintiffs, which include five institutional investors, claim that between 2005 and 2008 the defendants [&hellip;]<\/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":[3953,3804,3845,4028,3752,3739,3881,3882,3741,3883],"tags":[],"class_list":["post-5329","post","type-post","status-publish","format-standard","hentry","category-arbitration-rulings","category-class-action-lawsuits","category-credit-rating-agencies","category-evergreen-investment-managemen","category-financial-firms","category-finra","category-fitch","category-moodys","category-securities-fraud","category-standard-and-poors"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Institutional Investor Roundup: Evergreen Ultra Short Investor Lawsuit Settled for $25M, FINRA Launches Pilot Program for Huge Claims, Ex-AmeriFirst Funding Manager\u2019s Conviction Appeal is Rejected, &amp; EU Regulator Examines Credit Raters\u2019 Bank Downgrade &#8212; Investor Lawyers Blog &#8212; July 12, 2012<\/title>\n<meta name=\"description\" content=\"Evergreen Investment Management Co. LLC and related entities have consented to pay $25 million to settle a class action securities settlement involving &#8212; July 12, 2012\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/institutional-investor-roundup\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Institutional Investor Roundup: Evergreen Ultra Short Investor Lawsuit Settled for $25M, FINRA Launches Pilot Program for Huge Claims, Ex-AmeriFirst Funding Manager\u2019s Conviction Appeal is Rejected, &amp; EU Regulator Examines Credit Raters\u2019 Bank Downgrade &#8212; Investor Lawyers Blog &#8212; July 12, 2012\" \/>\n<meta name=\"twitter:description\" content=\"Evergreen Investment Management Co. LLC and related entities have consented to pay $25 million to settle a class action securities settlement involving &#8212; July 12, 2012\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Institutional Investor Roundup: Evergreen Ultra Short Investor Lawsuit Settled for $25M, FINRA Launches Pilot Program for Huge Claims, Ex-AmeriFirst Funding Manager\u2019s Conviction Appeal is Rejected, & EU Regulator Examines Credit Raters\u2019 Bank Downgrade &#8212; Investor Lawyers Blog &#8212; July 12, 2012","description":"Evergreen Investment Management Co. LLC and related entities have consented to pay $25 million to settle a class action securities settlement involving &#8212; July 12, 2012","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/institutional-investor-roundup\/","twitter_card":"summary_large_image","twitter_title":"Institutional Investor Roundup: Evergreen Ultra Short Investor Lawsuit Settled for $25M, FINRA Launches Pilot Program for Huge Claims, Ex-AmeriFirst Funding Manager\u2019s Conviction Appeal is Rejected, & EU Regulator Examines Credit Raters\u2019 Bank Downgrade &#8212; Investor Lawyers Blog &#8212; July 12, 2012","twitter_description":"Evergreen Investment Management Co. LLC and related entities have consented to pay $25 million to settle a class action securities settlement involving &#8212; July 12, 2012","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/institutional-investor-roundup\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/institutional-investor-roundup\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Institutional Investor Roundup: Evergreen Ultra Short Investor Lawsuit Settled for $25M, FINRA Launches Pilot Program for Huge Claims, Ex-AmeriFirst Funding Manager\u2019s Conviction Appeal is Rejected, &#038; EU Regulator Examines Credit Raters\u2019 Bank Downgrade","datePublished":"2012-07-12T05:00:00+00:00","dateModified":"2022-05-17T19:29:14+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/institutional-investor-roundup\/"},"wordCount":579,"articleSection":["Arbitration Rulings","Class Action Lawsuits","Credit Rating Agencies","Evergreen Investment Management Co.","Financial Firms","FINRA","Fitch","Moody's","Securities Fraud","Standard and Poor's"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/institutional-investor-roundup\/","url":"https:\/\/www.investorlawyers.com\/blog\/institutional-investor-roundup\/","name":"Institutional Investor Roundup: Evergreen Ultra Short Investor Lawsuit Settled for $25M, FINRA Launches Pilot Program for Huge Claims, Ex-AmeriFirst Funding Manager\u2019s Conviction Appeal is Rejected, & EU Regulator Examines Credit Raters\u2019 Bank Downgrade &#8212; Investor Lawyers Blog &#8212; July 12, 2012","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2012-07-12T05:00:00+00:00","dateModified":"2022-05-17T19:29:14+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"Evergreen Investment Management Co. 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