Stoll Berne is investigating the use of Turnkey Asset Management Programs, often called TAMPs. We are interested in speaking with investors whose adviser or broker-dealer is using a TAMP as part of managing the investor’s account.  You can contact us here or fill out the form below.

Some investment advisers use TAMPs to provide back-office services. These back-office services can include anything from compliance to risk analysis to identifying investment options. The adviser benefits by outsourcing services and functions that they would otherwise have to take care of in house. Many clients whose adviser is using a TAMP are unaware that a TAMP is involved or do not understand the TAMP’s role. These investors may think that their adviser is managing their money and making investment recommendation. In fact, the TAMP may effectively be making investment decisions. In these cases, the adviser is little more than a “finder” who signs up clients and turns over their accounts to the TAMP.

Using a TAMP comes with added expenses and fees. In many cases, these expenses and fees are passed on to the investor. The added fees and expenses may not appear as separate entries on account statements. Instead, they may be included within other fees that are reported on the account statements. This conceals the cost to the investor of the adviser’s use of the TAMP. 

Use of TAMPs may also limit the investment options available to clients. TAMPs will often include a set of investment options that the adviser must select from. In some cases, these limited options are higher fee, higher risk, or otherwise inferior to other investments that but for the adviser’s use of the TAMP could be available to the investor. This can mean that the TAMP and adviser are steering investors to unsuitable investments.

Please contact us if you think there may be an issue with your investment account that involves a TAMP.

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Please note that these transmissions do not create an attorney-client relationship. An attorney-client relationship is effective only after you and our firm expressly agree in writing that we will serve as your attorney. 

Cody Berne represented a retired couple with claims against a Registered Investment Adviser and Investment Adviser Representatives arising from losses in managed retirement accounts caused by the advisers’ unsuitable trading strategy. The unsuitable trades included put and call options contracts.

Stoll Berne attorney Andy Davis represented Menashe Properties in its acquisition of Heritage Square, a high-profile office campus located just west of the Galleria shopping mall in the north suburbs of Dallas, Texas. Heritage Square is comprised of approximately 370,000 square feet of space within two high rise office buildings. The property includes a site for additional development. Heritage Square represents the first Dallas acquisition for Menashe Properties. Andy handled all legal aspects of this transaction.    

COURT: United States District Court for the District of Minnesota
CASE NUMBER: 3:17-md-02795-MJD-KMM (MDL); 0:18-cv-00296-MJD-KMM (Securities)
JUDGE: U.S.D.J. Michael J. Davis.; U.S.M.J. Katherine M. Menendez
CLASS PERIOD: 03/01/2013 – 07/12/2017
CASE CONTACTS: Timothy DeJong, Keith Dubanevich, Keil Mueller, Lydia Anderson-Dana

Stoll Berne is investigating Arcimoto Inc. (FUV) in connection with alleged violations of federal Securities laws. We would be interested in speaking with you if you, as an individual or entity, purchased the publicly traded securities of Arcimoto between February 14, 2018 and March 22, 2021 (the Class Period). 

Arcimoto, an Oregon company based in Eugene, manufactures and sells what it calls Fun Utility Vehicles (“FUVs”). Lawsuits have already been filed in New York which allege that Arcimoto stated in press releases throughout the Class Period that Arcimoto had received numerous preorders for their FUV. Arcimoto allegedly stated that it received over 400 FUV preorders in total.  Arcimoto further generated excitement for their vehicles by announcing pilot programs with various entities.  However, the Arcimoto class action lawsuits allege that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) the preorders of Arcimoto’s FUVs were fabricated or never completed, with only 19 units delivered out of an alleged preorder of 422; (ii) Arcimoto failed to disclose to customers that nearly 100% of its vehicles delivered were under safety recall; (iii) Arcimoto’s largest customer, R-Key-Moto, LLC, was an undisclosed related party owned by insider FOD Capital, LLC; (iv) Arcimoto’s partnership with HULA Holdings was an undisclosed related party transaction; and (v) as a result, defendants’ public statements were materially false and/or misleading at all relevant times. 

On March 23, 2021, Bonitas Research published a report revealing that Arcimoto had misled the investing public by fabricating its preorders. The Bonitas Research report also stated that Arcimoto “concealed safety concerns from customers and investors” and that Arcimoto’s largest customer, R-Key-Moto, LLC, was an undisclosed related party. The Bonitas Research report additionally revealed issues regarding Arcimoto’s alleged partnership with HULA, stating “[a]t the time Hula’s owner was [an Arcimoto] shareholder, making it another transaction with an undisclosed shareholder.” On this news, Arcimoto’s stock price fell more than 6%, damaging investors.

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Arcimoto securities during the Class Period to seek appointment as lead plaintiff in the Arcimoto class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class. A lead plaintiff acts on behalf of all other class members in directing the Arcimoto class action lawsuit. An investor’s ability to share in any potential future recovery of the Arcimoto action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Arcimoto class action lawsuit or have questions concerning your rights regarding the Arcimoto class action lawsuit, please provide your information via the contact form below or contact us at (503) 227-1600. Lead plaintiff motions for the Arcimoto class action lawsuit must be filed with the court no later than June 18, 2021.

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Stoll Berne attorneys Cody Berne and Keil Mueller represented a Registered Investment Adviser (RIA) and an Investment Adviser Representative (IAR) in a dispute about the sale of a book of business and an RIA.

Stoll Berne attorney Andy Davis represented Menashe Properties purchased the 105,000 square foot Vancouver Village Shopping Center. Andy represented Menashe Properties in all aspects of the acquisition and financing of this property.

Stoll Berne attorney Andy Davis served as lead counsel in connection with the $113 million acquisition of the 300,000 square foot historic Medical Dental Building in Seattle, Washington. The deal came upon the heels of Menashe Properties sale of the Creekside at Centerpoint in Kent, Washington. An IRS section 1031 exchange aided in deferring capital gains from the Creekside sale as part of this acquisition. Andy helped the client in all legal aspects of the purchase and financing of this acquisition. 

Stoll Berne attorney Andy Davis served as lead counsel in connection with the $39 million sale of the 225,000 square foot Creekside at Centerpoint in Kent, Washington. Originally purchased three years earlier, it was Menashe Properties first acquisition outside the Portland metro region.  Andy helped the client in all legal aspects of the disposition of this property.

Stoll Berne shareholder Josh Ross represented four different victims of a fraud perpetrated by a Spokane-area broker. Ross helped his clients recover over $450,000 in stolen investments. 

Stoll Berne lawyer Josh Ross represented one of two co-trustees in a dispute between them regarding administration of trust assets. After the co-trustees’ mother died, a dispute arose regarding distribution of the assets among the co-trustees and their family members, and the administration of the trust’s assets. Ross helped negotiate a dismissal of two lawsuits filed by the other co-trustee and helped our client reach a settlement resolving all remaining claims. 

Josh Ross represented a client who was appointed Personal Representative of a family member’s estate. After the former husband of the family member died, the estate pursued claims against the former husband’s estate, claiming that he owed the estate over $200,000 in unpaid debts. After filing suit, Ross and his client demonstrated the validity of the debts and negotiated a highly favorable settlement of the claims.

Stoll Berne shareholder Josh Ross, along with co-counsel Nick Kahl, represented an individual pursue claims against her former lawyer, alleging legal malpractice. After the lawyer failed to properly serve a personal injury lawsuit, the client’s claims were dismissed by the Court. Shortly after Ross and Kahl filed suit, our client received a favorable settlement resolving all claims.

Stoll Berne attorney Josh Ross represented the purchasers of majority interests in a Washington brewery in a dispute with the sellers for breach of contract and other claims. 

Stoll Berne attorneys Keil Mueller and Cody Berne represented participants in an Employee Stock Ownership Plan (ESOP) in a shareholder inspection lawsuit, along with an investigation into alleged breaches of fiduciary duty by the ESOP’s directors and trustees.

Stoll Berne attorney, Keith Dubanevich, represents a class of customers who purchased silicone wristbands and pin buttons from Defendants Zaappaaz, Netbrands, Gennex Media, and Custom Wristbands. A $3.5 million settlement was reached on behalf of a nationwide class of purchasers.

The lawsuit, which was originally filed in 2017 and consolidated in 2018, claimed that the defendants conspired to fix prices of silicon wristbands and pin buttons in violation of the Sherman Antitrust Act. Purchasers that bought these products from defendants between June 2014 and January/February 2020 may be eligible for settlement benefits.

On September 30, 2020, Keller Rohrback L.L.P., Stoll Berne, and Nick Kahl, LLC, three Pacific Northwest law firms with decades of combined environmental law experience, filed a class action lawsuit against PacifiCorp and Pacific Power for the catastrophic damage to homes, businesses, and entire communities allegedly caused by the companies’ power lines and other equipment around Labor Day 2020. The lawsuit was filed in Multnomah County Circuit Court.

The plaintiffs allege that PacifiCorp and Pacific Power caused or contributed to the destruction by leaving power lines and other equipment energized during dangerous fire conditions. This case was the first filed lawsuit arising from the fires and remains the only filed class action. Along with seeking $1.6 billion in damages, this case also seeks injunctive relief to mitigate the threat of power line fires. 

The defendants’ motions to dismiss class claims and to transfer venue were denied by the Multnomah County Circuit Court. The defendants petitioned the Oregon Supreme Court for a writ of mandamus to challenge the denial of their motion to transfer venue. The Oregon Supreme Court denied the petition, which means the case will remain in Multnomah County Circuit Court. The plaintiffs’ motion for issues class certification is fully briefed, and the parties are awaiting a decision before the trial court. The class certification motion seeks to resolve the issue of liability class wide followed by individual trials, or other procedure ordered by the Court, to determine each proposed class members’ damages. 

If you have suffered losses as a result of the Echo Mountain Complex, 242, South Obenchain, or Santiam Canyon Fires, you may be included in the proposed class seeking relief. To explore your legal options, we invite you to schedule a complimentary, no-obligation case review with our team of experienced lawyers. 

Please contact us by filling out our Contact Us form below or call us directly at (503) 227-1600.

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Stoll Berne, led by attorneys Keith Dubanevich, Tim DeJong, Keil Mueller, and Lydia Anderson-Dana has been appointed co-lead counsel along with Bernstein Litowitz Berger & Grossmann LLP (BLB&G) on behalf lead plaintiff the State of Oregon by and through the Oregon State Treasurer and the Oregon Public Employee Retirement Board, on behalf of the Oregon Public Employee Retirement Fund (Oregon) in a securities class action against CenturyLink, Inc. and certain of its senior executives. The case involves claims pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 arising out of false and misleading statements concerning the Company’s fraudulent billing practices from March 1, 2013 through July 12, 2017 (the Class Period).

During the Class Period, CenturyLink made a series of false and misleading statements, including that: its employees were subject to a strict code of ethics; that its sales and customer services personnel “promote[d] sales of services that [met] the needs of [CenturyLink’s] customers”; and that its “customers value[d] the convenience and price discounts associated with receiving multiple services through a single company.” The Company also reported strong revenue growth and sales, and represented that its financial condition was strong and growing.

In truth, CenturyLink incentivized unethical and unlawful behavior, including by allowing CenturyLink employees to add services, lines, and accounts for customers without their permission, resulting in millions of dollars in unauthorized charges to CenturyLink customers. Further, contrary to CenturyLink’s representations, the Company’s revenues and earnings growth were simply unsustainable because they were dependent upon improper and illegal conduct that subjected the Company to heightened regulatory scrutiny, governmental action, and significant fines and sanctions that could severely curtail its business.

Investors learned the true facts about the Company’s business practices and financial condition through a series of corrective disclosures. First, on June 16, 2017, Bloomberg reported that a former CenturyLink employee filed a whistleblower lawsuit alleging that she was wrongfully terminated after notifying CenturyLink’s CEO about the Company’s improper sales practices, including secretly billing millions of dollars of unauthorized charges to CenturyLink customers. On June 19, 2017, Bloomberg reported that a consumer class action lawsuit against the Company had been filed on behalf of CenturyLink customers seeking up to billions of dollars in damages in connection with CenturyLink’s unlawful billing practices. Then, on July 12, 2017, the Minnesota Attorney General announced that it had filed a lawsuit against CenturyLink alleging violations of state consumer protection laws after a year-long investigation which provided extensive detail concerning CenturyLink’s billing misconduct. These revelations resulted in sharp declines in the prices of CenturyLink’s securities, causing investors to incur substantial losses.

In the wake of these disclosures, on June 21, 2017, the first of several securities class actions was filed against the Company. On October 20, 2017, Magistrate Judge H. L. Perez-Montes of the Western District of Louisiana consolidated the related securities class actions and appointed Oregon as Lead Plaintiff, and Stoll Berne and BLB&G as Co-Lead Counsel.

In February 2018, the Judicial Panel on Multidistrict Litigation transferred the consolidated actions to the District of Minnesota before the Honorable Michael J. Davis. On April 20, 2018, Judge Davis consolidated a subsequently-filed securities class action against CenturyLink under Oregon’s leadership. On June 25, 2018, Oregon filed a consolidated securities class action complaint. In July 2019, Judge Davis denied Defendants’ motion to dismiss. On September 14, 2020, Judge Davis certified the proposed class, appointed Oregon class representative, and appointed Stoll Berne class counsel along with Bernstein Litowitz.

September 15, 2020, Bloomberg Law: CenturyLink Investors Get Class Status in Overbilling Litigation
Setpember 15, 2020, Retuers: CenturyLink Shareholders in ‘Cramming’ Lawsuit Can Proceed as Class

Cody Berne represented an individual investor whose investment advisor disregarded the client’s investment objectives and put the client’s retirement savings in a high fee, poor performing portfolio of stocks.

Cody Berne represented an elderly, retired investor in a FINRA proceeding to recover money lost in an unsuitable alternative investment.