Great Western Suit Settlement Gets Final OK
(Associated Press)
A settlement of a $17.2-million class-action suit against Great Western Bank was approved by U.S. District Judge Irving Hill in Los Angeles. The settlement concludes a case for tens of thousands of customers, many of whom lost their retirement savings in the Chatsworth bank’s mutual funds. The judge’s decision also concludes a companion state court case. The lawsuit contended that the bank sold shares to investors through a sister entity, Great Western Financial Securities Corp. The plaintiffs claimed that they were not adequately informed they could lose their investment, their interest could fluctuate and their accounts were uninsured. The bank had previously issued a statement saying it was pleased the suits were being resolved.
