USAA put all of my retirement funds into AIG, Lehman Brothers and several other Financial sector Bonds. Told me it was safe and had no exposure to sub prime. Lost over 50%. Do I have a case to sue them, maybe arbitration would be better. I sent them one letter and they asked me if I wanted to close my accounts.
Been with them 25 years and I think I've been ripped off big time.
All of the investments where in Corporate Bonds, Triple AAA Rated, 100% of the investments where in the Financial Sector supposidly to "protect us from exposures and as a defense against market turndowns". I feel that USAA did not provide proper management for almost $500. per month I paid them to manage my investments. There was a lot of analysts who warned about toxic investments yet USAA never investigated or suggested selling Bnds, just rode them into the ground while collecting fees.
Orignal From: Has anyone sued USAA for Fraud, inaapropriate investment management?
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