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Stock question from clueless investor!

Xrayspecs
Xrayspecs Posts: 2 Newbie
edited 19 April 2017 at 12:53PM in Savings & investments
Hi - hoping for a bit of advice as I am bewildered!

I inherited some stock in a major US oil company many years ago, and - as a stocks and shares ignoramus - have been plugging along just filling in the odd form and getting dividends, not actually ever looking into the stock market more deeply, as I have no other available funds to invest and am rather cautious by nature.

I have just received a letter regarding a class action which has been brought against this company. (The letter came from the US and I am not concerned that it is a con.) The letter says that, if I bought or otherwise acquired stock in the company during a specific time I could get a payment from this class action settlement. (I assume I qualify, having had them made over to me during this time frame and therefore I did acquire it)

It says the options are: Submit a claim; exclude yourself from the lawsuit; Object; Go to a hearing or do nothing.

Is submitting a claim for this the no-brainer it appears to be?

Comments

  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Yep, nothing to lose.
    I'm currently in one, (where the company went bust and it later turned out the CEO sold all his shares a week previously)

    Not holding my breath.
  • george4064
    george4064 Posts: 2,932 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    As long as the letter is genuine, I would definitely submit a claim.
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2025 - #024 £1,450 / £15,000 (9%)
  • Thank you!
This discussion has been closed.
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