CPM Achieves $39 Million Settlement in Wachovia Securities, LLC Litigation

Settling claims by financial advisors for violation of state and federal wage and hour laws

Wachovia Securities, LLC has agreed to pay $39 million to settle claims brought by current and former Financial Advisors for violation of state and federal wage and hour laws. CPM is co-lead counsel in case, which is entitled In re Wachovia Securities, LLC Wage and Hour Litigation, MDL No. 1807. In connection with the settlement, Wachovia has denied all liability.

On May 11, 2009, the Honorable David O. Carter granted preliminary approval of the settlement agreement. Click to see Judge Carter's order and the settlement agreement.

Judge Carter granted final approval of the settlement at a hearing on October 5, 2009. The deadline for filing appeals has since passed and funds will be mailed out to claimants on or before December 21, 2009.

Please contact CPM or the claims administrator, Garden City Group, Inc., with any questions.

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