Many Texans put a significant portion of their hard-earned money away for retirement. They often entrust this money to a bank or investment firm that is expected to utilize various strategies to help these individuals' retirement accounts grow. Sometimes, though, this trust is breached, is investors are left with massive losses.
The good news is that when this happens, investors have legal recourse. By filing asecurities lawsuit, investors can seek to recover losses. This was the case recently when, on the day before the beginning phases of a trial, mega bank Wells Fargo settled a lawsuit with a union that had entrusted the bank to handle its retirement accounts. According to the claim, the bank used consumer's money to invest in mortgage-backed and asset-backed securities that ended up losing money. Wells Fargo lost a similar lawsuit 2010.
Investing money often carries risk. Yet, when one has lost money investing due to securities fraud or funds mismanagement, then his or her bank or investment professional has wronged him or her. Quite often, the only way for these investors to recover their money is to file a lawsuit similar to the one levied against Wells Fargo.
Proving fraud or mismanagement can be complex. A Texas attorney can sit with clients to clarify the process, allowing them to make fully informed decision. An experienced attorney can also help with the difficulties of bringing a class action lawsuit, including defining the class and getting that class certified. By gathering the claims of all who have been wronged in a similar fashion by the same bank or investment firm, not only to victims stand a chance of recovering the money they have lost, but they also have the opportunity to hold accountable the financial institutions that are abusing their power.