Quasi-Money Market Funds Lawyers Based in New York
Quasi-money market funds, or near money, refers to non-cash asset that are can be easily liquefiable and turned into cash. Some examples of these funds might include foreign currencies, treasury bills and securities. There have been many cases of stockbrokers and brokerage companies blurring the distinction between actual money and quasi-money. While the term money consists of cash that can be kept in hand or in the bank and can be instantly used for transactions. On the other hand, quasi-money market funds require a period of time before it can be converted to actual cash.
If you feel that this distinction has been misrepresented by your broker, you should hire an experienced securities litigation attorney to help you fight for compensation. Call (877) 905-7671.
Lack of FDIC Insurance
While most money funds that investors purchase are usually insured by the FDIC (Federal Deposit Insurance Corporation), this might not be the same for quasi-money market funds. Although it has been rising in popularity in recent years, this is not to say that there are no major risks when investing in such funds. For example, if the bank which you invest a large money market account with were to shut down, chances are that your money will be insured, and you will be able to get compensated. However, for quasi-money market funds, investors might not be covered by the federal government.
Your stockbroker might convince you to invest in things other than government securities so that they can earn a greater profit. However, investing in vehicles that are higher risk and which might seem to promise greater returns might not always be the best thing to do. This is because the returns that we can observe from the previous year might not be an accurate representation of what you might earn in the future. However, note that other alternatives to quasi-money market funds might not be optimal for your investments as well. In fact, investing in dividends might not allow you to enjoy a consistent rate of return. The bottom line is that if your broker has been giving you false information, you can hire an attorney to help secure compensation for the money that you have lost in the process.
Seasoned Attorneys Who Can Help With Your New York Quasi-Money Market Fund Case. We Represent Clients Nationwide!
In the situation that you suspect your stockbroker or brokerage firm has not been honest in their recommendations regarding quasi-money market funds, the best thing to do is to hire the services of a good securities litigation attorney here at Weltz Law. We are based in New York and have helped countless clients to get compensated in cases of securities fraud. Our attorneys are experienced and well-versed in securities law and will stop at nothing to do their best for you.
30+ Years of Collective Experience
Our attorneys have over 30 years of collective experience representing clients in all aspects of securities and commercial litigation.
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Our firm has successfully recovered over $50 million for our clients.