Frequently Asked Questions about Metropolitan/Summit Securities Class Action
What is a "class action"?
A class action allows a group of individuals to join their claims in a lawsuit. The court will decide whether the individual cases should proceed as a "class action"... more...
Who is in the Metropolitan/Summit class action?
The class of investors who can recover in this lawsuit has not yet been defined by the court. The initial lawsuit requested that the class include all investors who have purchased securities... more...
Am I part of the lawsuit if I sold my securities?
Investors who sold preferred stock of Summit or Metropolitan will still be included... more...
What is a lead plaintiff? What is a class representative?
The role of a lead plaintiff is to prosecute the case... more...
Will I be responsible for paying lawyers' fees and case expenses?
No. You will be represented on a contingent fee basis... more...
Is there more than one lawsuit against Metropolitan and Summit?
Some Metropolitan and Summit investors are likely to file other lawsuits in the courts nearest their residence, and based on their independent claims and investigations... more...
Can I sign up with more than one law firm?
When you choose a law firm in the securities class action, you are recommending to the Court the lawyers you believe should represent the class... more...
What do I need to do to be part of the class action?
Under the Federal Securities Laws, the Court will appoint lead plaintiffs based in part on the amount of their investment. more...
What is the expected time frame?
Since Metropolitan and Summit have quit paying dividends and interest payments to investors, this has become a frequently asked question... more...
What is the broker's obligation?
The business of selling investments is regulated, and brokers and financial advisers cannot simply sell and let the "buyer beware"... more...