November 18, 1995
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.