Robbins Arroyo LLP Announces That LPL Financial Holdings Inc. (LPLA) Settles U.S. States’ Probe for $26 Million
SAN DIEGO & BOSTON--(BUSINESS WIRE)--Jun 12, 2018--Shareholder rights law firm Robbins Arroyo LLP announces that LPL Financial Holdings Inc. (NasdaqGS: LPLA) has reached a $26 million settlement with state securities regulators over claims that LPL failed to maintain adequate systems to supervise employees and prevent the sale of unregistered securities. Under the settlement, investors who were sold unregistered securities since October 2006 will be offered the full amount they paid plus 3 percent interest. LPL says it will pay a $499,000 fine to each of the 52 U.S. states and territories if they choose to participate in the deal. In addition, LPL agreed to a “top-to-bottom” review of the integration of new securities products to determine the company’s ability to comply with various states’ securities registration requirements.
View this information on the law firm’s Shareholder Rights Blog: www.robbinsarroyo.com/lpl-financial-holdings-inc-june-2018
LPL Financial Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20180612006560/en/
CONTACT: Robbins Arroyo LLP
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA MASSACHUSETTS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
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PUB: 06/12/2018 07:08 PM/DISC: 06/12/2018 07:08 PM