Friday, September 18, 2015 12:26:38 AM
A: It doesn't. It makes no difference whether individual shareholders or even E*Trade is or isn't listed as parties. The only relevance is that the dividend may have been fraudulent, illegal, and part of a scheme to commit securities fraud.
E*Trade is in possession of dividend funds which may be illegal and for them to disburse it opens them up to all kinds of claims - reliance from those who receive and spend it - claims by the Plaintiff for return of the fraudulent dividend, and many other liabilities if they were to distribute it.
E*Trade is wisely, legally, and correctly holding the questionable dividend in a constructive trust until the litigation resolves its legality. Then E*Trade will either return it to the Plaintiff or the entity which paid it out (TA), or release the dividend to account holders. Once the Court rules on its legality and ownership.
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