Investment advisers are poised to solicit thrift depositors for money that may come from a multimillion-dollar settlement with the state, a court document said.
The yet-to-be approved settlement, that would resolve the depositors' class-action lawsuit against the state, wouldn't return all of the money depositors lost in five failed thrifts. A 3rd District Court notice to depositors to vote on the settlement also warns them against placing their settlement proceeds in investment schemes that would supposedly increase their return.Depositors' attorneys said certain individuals have sought confidential lists of depositors. "You are cautioned that at least one of these schemes probably violates federal and Utah securities laws, may involve criminal conduct and is condemned in the strongest terms by the class-action counsel," the notice said.
Attorneys have advised depositors to put their money in institutions insured by the Federal Deposit Insurance Corp.
"Look for the decal that says "FDIC" on the window," the notice said.