by John Darer® CLU ChFC MSSC RSP CLTC
A 2014 Oregon lawsuit brought against Ringler Associates and its former President Paul Hoffman has settled. This author understands that the monetary aspect of the settlement was modest. Moreover, the Stipulation of Voluntary Dismissal with prejudice makes it clear that a class action was never certified. A parallel case with other lead plaintiffs against EPS Settlements Group was dismissed in Florida on appeal in 2016.
The settlement of the lawsuit arising out of the 2013 ELNY liquidation, highlights the difficulty in summoning memories and proving standards from settlements of more than 30 years ago in the context of a potential jury whose members may not have even been born then. Thirty years ago there was no Internet, no Google, no Facebook, no Twitter, but there was CNN, people watched the evening news and read nationally syndicated newspapers that would (or should) have given them or their financial advisors clues.There were many lessons learned by the industry then and now. Our thoughts go to the shortfall victims.
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