SEC to Legacy pre-need clients: Don’t expect full sum

Clients of three pre-need firms under the embattled Legacy Group of financial services firms should not expect to get their money back in full, the Securities and Exchange Commission (SEC) said on Wednesday.

In an open letter to planholders of Legacy Consolidated Plans, All Asia Corp., Scholarship Plan Phils., the SEC advised them “not to expect the claims under their plans to be paid in full.”

SEC said that as of December 31, 2008, the three pre-need firms have set aside a total of P360 million in trust funds with various banks. The trust fund is supposed to cover actual obligations to the clients when the plan they have invested in—either for education, pension or memorial—matures.

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