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NASDAQ Settlement Fund Now Available to Investors;
Tips for Filing Your Claim
t has arrived! A one billion dollars plus class action settlement claims fund (less fees and costs) to compensate investors for years of NASDAQ trading abuses by market makers! Over one million retail and institutional investors alike are receiving claim forms for them to complete - accurately and timely. Here is what you need to know to file your claim form.
First, the deadline date. To qualify for compensation, investors must file claims. These claims must be postmarked no later than December 8, 1999.
Second, the form. Fortunately, most retail investors are receiving preprinted forms. These are preprinted with what is believed to be your qualifying NASDAQ stock trades. We recommend checking that list. If you disagree with the list and wish to add trades, you can add up to 30 additional trades per preprinted listing. If you still need more space, you must request an electronic filing form. You can do this by calling 800-933-6363 or by visiting the class action website (nasdaqlitigation.com).
Investors not fortunate to receive a preprinted claim form must complete the basic form. The basic form has space to list 70 trades. Investors who need more space must request additional basic forms at the number above. Remember that you cannot simply photocopy pages and submit them.
Third, the qualifying NASDAQ stock trades. The settlement, generally speaking, covers shares traded on the NASDAQ between 1989 and 1996. But there are many exceptions and certain time periods excluded for certain stocks. You must check the eligibility periods for each of your stocks to determine whether a claim based upon that trading is covered. You can do so by telephoning the number above or by visiting the website above for a complete list of stocks covered and their eligibility periods.
Fourth, your documentation. Investors need to submit proof that they made the trades - even those investors receiving preprinted claim forms with trades listed. Your proof of trades should include such documents as broker confirmation slips, monthly account statements and tax returns detailing the trades.
Fifth, the process and the delay. Over one million claims may be filed. Consequently, once you submit your claim (and have it postmarked by December 8, 1999), expect to wait at least one year before receiving your settlement check.
Sixth, the payout. No one can predict how much money will be paid out to investors. That is because no one knows how many claims actually will be filed for a share in the one billion-dollar fund. Nonetheless, estimates are that investors will receive approximately 2 cents per share traded.
Notably, retail investors are receiving preference over institutional investors (owing to the fact that the most harm from the NASDAQ market makers' manipulation befell retail investors). As a result, retail investors will have their claims "weighted" by 150%. That means that if you traded 100 shares, you will be compensated as though you traded 150 shares. Institutional investors will receive no such special treatment.
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Free Opinion
Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
All content Copyright © 2008 Advocate Capital Management, Inc. except where noted. All rights reserved.
20 North Wacker Drive, Suite 2900, Chicago, Illinois 60606
Telephone: 312-621-4400 | Fax: 312-621-0268
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