| Georgia Clients Obtain $25 Million
Following a major victory on behalf of a defrauded client of the Augusta, Georgia office
of the A.G. Edwards’ brokerage firm – an arbitration award which included $400,000
in punitive damages – and the intervention of the Georgia Secretary of State,
the brokerage settled with remaining clients for approximately $25
million. The former A.G. Edwards’ clients who received this settlement included
dozens of former blue-collar employees of Procter & Gamble who were induced
to turn their retirement savings over to an A.G. Edwards’ broker who offered returns
of 20% or more in what he pitched as undervalued blue chip stocks. The settlement,
which was the largest ever of its kind in Georgia, generated publicity throughout
the nation.
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