Judge Rejects Securities America’s Attempts to Settle Class Actions Involving Medical Capital Notes and Provident Royalties Securities

A federal judge has refused to approve a proposed class action settlement between Securities America and a class of people who purchased hundreds of millions of fraudulent securities issued by Medical Capital and Provident Royalties, that were sold by Securities America. See Dan Levine’s and Joseph Giannone’s article in Reuters captioned, “Judge rejects settlement with Ameriprise unit,” and Bruce Kelly’s InvestmentNews article, “CFO: Securities America on the brink without legal settlement.”