Chimicles & Tikellis LLP, along with other law firms, represented a class of persons who purchased units in the over 700 limited partnerships marketed by Prudential Securities between 1980-1994. The lawsuit was filed in the United States District Court for the Southern District of New York alleging that Prudential Securities and certain general partners of the partnerships sold the partnership units to conservative investors with representations of safety and income when, in fact, the partnerships were high risk investments made more so by the defendants’ operation of the partnerships. In 1997 as a result of class counsel’s efforts, the parties reached the last of a series of settlements with the various defendants. Over $120 million was recovered on behalf of the class which has now been distributed.

   Friday, July 04th, 2008