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CALIFORNIA

State Justices Pare Suit by Investors

December 13, 1996|JILL LEOVY | TIMES STAFF WRITER

Customers suing Great Western Financial Securities Corp., alleging they were duped into investing in mutual funds, were handed a setback Thursday when the state Supreme Court ruled that only four of the 24 plaintiffs can proceed with the court case.

The other plaintiffs must submit to an arbitration process, the court said.

Chatsworth-based Great Western has denied wrongdoing.

The ruling said most of the plaintiffs did not present enough evidence to show they were duped into signing arbitration agreements when they bought into the funds.

The remaining plaintiffs will continue to press claims against Great Western, an attorney said.

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