Did you lose money investing in RAIT Financial Trust (RASFQ, RASGQ, RASJQ, RASLQ, RFTTQ, RFTZQ)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing in RAIT Financial Trust (RASFQ, RASGQ, RASJQ, RASLQ, RFTTQ, RFTZQ) at the recommendation of their financial advisor. If you suffered losses, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim against the broker-dealer and/or registered representative that recommended the investment.
UPDATE 6/5/2020: According to a FINRA Uniform Practice Advisory (UPC #09-20), notice has been received that RAIT Financial Trust’s (RASFQ, RASGQ, RASJQ, RASLQ, RFTTQ, RFTZQ) Joint Chapter 11 plan became effective on March 27, 2020. Pursuant to the plan, on the effective date, each common interest shall be canceled, released, and extinguished, and will be of no further force or effect and no Holder of common interests shall be entitled to any recovery or distribution under the Plan on account of such Interests. Each preferred interest shall be canceled, released, and extinguished, and will be of no further force or effect and no holder of preferred interests shall be entitled to any recovery or distribution under the plan on account of such interests. Furthermore, each holder of an allowed senior note claim and allowed senior note trustee claim shall receive payment in cash in an amount equal to the amount of such allowed senior note claim and allowed senior note trustee claim. Summary details of the distribution as provided by the plan are provided below for your convenience; however, please consult the Debtors Joint Chapter 11 plan for further details.1
Issuer: RAIT Financial Trust
Symbol: RFTTQ
Description: 7.625% Senior Notes Due 2024
Cash Distribution Per $1,000 PA: $1,000
Issuer: RAIT Financial Trust
Symbol: RFTZQ
Description: 7.125% Senior Notes Due 2019
Cash Distribution Per $1,000 PA: $1,000
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
What are Real Estate Investment Trusts (REIT)?A Real Estate Investment Trust (“REIT”) is a complex investment that is generally only suitable for sophisticated high-net worth investors, and then only in certain circumstances. A REIT is an entity that owns, and may also manage, income producing real estate. REITs pool capital from multiple investors and use it to purchase properties, similar to mutual funds and other pooled investment vehicles.A Real Estate Investment Trust can be offered in several different forms. A Public Exchange Listed REIT is registered with the U.S. Securities and Exchange Commission (“SEC”) and is publicly traded on a national securities exchange. A Public Non-Listed REIT is registered with the SEC, but does not trade on a major securities exchange. Finally, a Private REIT, also known as a private-placement REIT, is not registered with the SEC and does not trade on a national securities exchange.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
RAIT Financial Trust (RASFQ, RASGQ, RASJQ, RASLQ, RFTTQ, RFTZQ) Due Diligence RequirementFINRA requires brokerage firms to conduct due diligence on investments, such as RAIT Financial Trust (RASFQ, RASGQ, RASJQ, RASLQ, RFTTQ, RFTZQ), and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokerage firms that fail to conduct adequate due diligence on investments they recommend, such as RAIT Financial Trust (RASFQ, RASGQ, RASJQ, RASLQ, RFTTQ, RFTZQ), or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities AttorneyIf you suffered losses investing in RAIT Financial Trust (RASFQ, RASGQ, RASJQ, RASLQ, RFTTQ, RFTZQ) and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.This information is all publicly available and is being provided to you by Galvin Legal, PLLC.Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
1 See e.g., In re: RAIT Funding, LLC, a Delaware limited liability company, et al, Debtors. Case No. 19-11915 (BLS) (Jointly Administered) Debtors’ Joint Chapter 11 Plan.
