A personal finance blog dedicated discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance.


Thursday, July 07, 2005

Payback Time for Wronged "Investors"

The front page of today's Wall Street Journal has an article on the settlement with the companies and mutual funds that were guilty of fraud. They opened with a story about a woman who sold her house and put HALF of her money in Worldcom stock. Well, we all know what happened to Worldcom. That lady's $43,000 went up in smoke. Granted, it doesn't take a genius to figure out that it is stupid (I hate to be harsh but there really is no other word for it) to put that much money in ONE stock.

Anyway, it is finally payback time for that lady and the millions of people who owned shares in the companies and mutual funds that were guilty of fraud. Here are a couple of links for those who are affected:

If you owned share in a company or mutual fund that settled with the SEC, you can see if a payback fund has been established by clicking here.

Also, there is a separate settlement with a number of major brokerage firms that includes more than $400 million for those affected. To find out more, go here.

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