Lawsuit Settlement to Benefit Wyoming Schools

Written by on July 19, 2019

A lawsuit that has been settled in favor of the state of Wyoming will benefit schools throughout the state.

Secretary of State Edward Buchanan yesterday announced that his Office joined 50 other states in participating in a $26 million settlement with LPL Financial LLC. LPL, which has 37 broker-dealers in Wyoming, has now paid civil penalties of $499,000 to the State.

Buchanan says that half million dollars will be transferred to the Common School Permanent Land Fund, which he says will go a long way during these tight times for school financing.

The settlement stems from an investigation led by state securities regulators from Alabama and Massachusetts regarding the failure of LPL Financial to establish and maintain reasonable policies and procedures to prevent the sale of unregistered, non-exempt securities to its customers.

Buchanan says investors in Wyoming will be contacted directly if they have been affected by the settlement.


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