Customers who purchased Apple REIT Ten are eligible to receive restitution from a settlement fund. The amount of restitution will be based on a review of Apple REIT Ten customers and criteria determined by an independent consultant and FINRA staff. The review process is expected to be complete on or about December 22, 2012.
Eligible investors will be notified by, and receive payment from, the independent consultant on or about January 22, 2013. If the independent consultant cannot locate any customer after reasonable and documented efforts to do so, he or she will forward any undistributed restitution and interest to the appropriate escheat, unclaimed property or abandoned property fund for the state in which the customer is last known to have resided.
Furthermore, investors eligible for restitution do not need to redeem, exchange, or otherwise dispose of their shares to receive the payment. This plan does not foreclose the investor’s ability to pursue arbitration or mediation if the investor believes he or she has suffered losses.
For all of the other Apple REITs, there is no settlement fund. However, if you are an investor that has suffered losses investing with Apple REITs, or needs liquidity but is faced with years of partial redemptions, please contact one of our attorneys at 312-332-0000 to discuss your recovery and exit options through arbitration at FINRA.
Eccleston Law Offices represents individual and institutional investors to recover their investment losses caused by unsuitable investment recommendations, breach of fiduciary duty, negligence or other misconduct. We have extensive experience representing investors in arbitration and litigation disputes with securities broker-dealers and investment advisory firms, and have recovered tens of millions of dollars for investors. Our work with advisers sets us apart from our competition as we have gained insight and knowledge of the financial services industry and the respect of lawyers nationwide on "both sides of the aisle."