Williams Dirks Dameron and its co-counsel, John R. Phillips Law, LLC, successfully secured class certification on behalf of a group of investors suing their former broker and First Allied Securities.
The case alleges that the broker engaged in a sales scheme which violated Missouri law regarding portfolio percentage allocation, suitability obligations, and other regulatory requirements. The case also alleges that First Allied Securities failed to properly oversee and monitor the offering and sale of variable annuities and non-traded REITs, and create safeguards to protect the customers.
The class includes clients of Sean Brady and First Allied Securities who purchased variable annuities or direct participant program securities (including non-traded REITS).
The trial court granted class certification, and then the Missouri Court of Appeals for the Eastern District granted First Allied’s request for interlocutory appeal.
After full briefing and oral argument, the appellate court affirmed the trial court’s certification decision, which allows the case to proceed as a class action under Missouri law.
Williams Dirks Dameron represents sophisticated clients in high-stakes litigation across the country, including investors, consumers, and businesses.