DRL $100m settlement funds delayed forever b/c of SEC...

Discussion in 'Stocks' started by Option Trader, Jun 23, 2009.

  1. Last year, $100 million in settlement funds for a class action against DRL were supposed to be released already. However, the SEC did us a favor and fined DRL another $1 million to add to the pool for everyone--thank you SEC. However, until the SEC releases the $1 million NOBODY gets their proceeds from the $100 million, and the SEC is literally taking FOREVER!

    Comments of one individual on DRL yahoo message board:

    "SEC Chairman,Schapiro, in written comments to the GAO, said she agreed with its recommendations and that the agency is taking steps to put them into action.

    They include considering a new structure for the office in charge of collecting penalties from companies and distributing recovered funds to aggrieved investors, and reviewing the enforcement division's resources."

    Is there anything the little guy can do?
  2. The fund is meant to benefit lawyers, accountants and consultants, not the "little guy". Live, trade and learn. :cool: