Press Room
November 18, 1995
Settlement OK'd in Prudential Case
By Palm Beach Post Staff
The Palm Beach Post
NEW YORK -- Marking the end of a woeful
chapter at Prudential Securities Inc., a judge
on Friday approved an agreement by the Wall Street
firm to pay $110 million to investors, including
some in Palm Beach County, who lost money from
soured limited partnerships it sold them between
1980 and 1994.
The approval by U.S. District Judge Milton Pollack
in Manhattan was among the largest class action
settlements ever. It enabled Prudential to clear
the final legal hurdle to resolving remaining claims
that were not part of the brokerage firm's earlier
agreements with investors who lost money in the
partnerships.
Prudential had previously reserved money for Friday's
agreement, which was expected following a tentative
approval by Pollack last August.
From the funds set aside, Prudential has so far
paid out about $800 million to investors.
West Palm Beach attorney Thomas Hoadley, of Hoadley
and Noska, was in New York Friday and unavailable
for comment. Hoadley has said he handled more than
500 local lawsuits by investors against Prudential.
Another West Palm Beach attorney who has handled
hundreds of Prudential lawsuits - Lawrence Klayman
- could not be reached late Friday.
