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Our Experience
Maddox Hargett & Caruso, P.C., a Midwest law firm, has led the charge to hold companies accountable for their products and services. We have been successfully bringing actions against corporations since 1991.
The Attorneys
Our lawyers include Mark E. Maddox, a former State Securities Commissioner; Thomas A. Hargett, a former stockbroker; Steven B. Caruso, a former General Counsel to a national brokerage firm. Our experienced attorneys are committed to making companies take responsibility for wrongful acts that harm investors and consumers.
Current Cases
Balkema v. Wachovia Securities, (Case No. --------- S.D. Ind.). We are counsel in a purported nationwide class action alleging that Wachovia Securities failed to provide its account holders with Notice of a class action settlment in a case involving securities issued by Asia Pulp & Paper.
Schweinfurth, et al. v. Motorola, Inc., (Case No. 1:05-CV-0024 N.D. Ohio). We are counsel in a purported nationwide class action alleging defective cellular phones. The court has granted Preliminary approval of a proposed settlement. Additional information may be found at www.motorolaclaimsadministrator.com.
Frankle v. Best Buy Stores, L.P., (Case No. 08-5501, D. Minnesota ). counsel for a putative class alleging the failure to properly install clothing dryers.
Consumer Victories
In a case involving the failure of an auto finance company to provide proper post-repossession notice, we obtained a settlement on behalf of a class of Ohio consumers that provided for the canceling of any claimed deficiency balance and restoration of the consumers' credit history.
In a case involving allegedly defective clothing dryers, we obtained a settlement on behalf of a nationwide class of consumers that provided for a full refund of repair costs.
In a case involving allegedly defective cellular phones, we served as Class Counsel for a nationwide class of consumers. The nationwide settlement included cash reimbursement to Class Members for out of pocket damages.
In a case involving allegedly defective television sets, we served as Class Counsel for a nationwide class of consumers. The nationwide settlement included reimbursement to consumers for out of pocket damages.
Investor Victories
Maddox Hargett & Caruso, P.C. represents investors who have lost money because of investment fraud, stockbroker misconduct or professional negligence. The firm is comprised of six experienced attorneys who over the last 16 years, have represented more than 1000 clients in arbitration and other forums for dispute resolution.
Prudential Securities Case Update
In October 2002, Maddox Hargett & Caruso, P.C. received a $262 million jury verdict against Prudential Securities, Inc. This verdict included $250 million in punitive damages and has been reported as the largest jury verdict in the state of Ohio and the single largest securities class action jury verdict. The award was later downgraded on appeal, to $33 million. Nonetheless, the Prudential verdict was a wake-up call for Wall Street.
The plaintiffs were mostly elderly people who had turned their retirement nest eggs over to Prudential for investment management. During a brief slump in the market, Prudential clients claimed their broker sold most of their stocks without their knowledge or permission. The clients missed out when the market quickly rose, because their money had been taken out of stocks and put into bonds. Because the broker thought the market was headed for a large fall when in fact the downturn was quite short lived, this case has become known as the “Chicken Little” case.
Other Securities Class Action Suits
In a case involving the sale of unregistered securities, we served as class counsel to a group of investors who lost almost $8 million on a single investment. The settlement, with over 60 individual defendants, included compensation for the amount paid for the securities.
In a case involving the initial offering of stock through a subscription agreement, we served as class counsel to a group of investors whose funds were mishandled by the escrow agent. The settlement provided for a return of those funds.
Investors Compensated for Losses
The attorneys at Maddox Hargett & Caruso, P.C. have represented more than 1000 individual investors in their claims against financial planners, investment advisors and stockbrokers. A large percentage of these investors have received compensation for their losses as a result.
We have brought cases against many of Wall Street's largest firms, including Merrill Lynch, Morgan Stanley, Solomon Smith Barney, Wachovia Securities, Prudential Securities, UB/PaineWebber, A.G. Edwards, Edward Jones, and Bear Stearns. We are well-known by our opponents as well as our colleagues in investor representation.
Maddox Hargett & Caruso delivers the depth of experience necessary to represent investors who have been defrauded or unlawfully under served by brokers, brokerage firms, financial advisors and insurance companies. Our attorneys offer hope, and a balanced view, for investors who find themselves on the losing end of irresponsible or dishonest investment management.