Girard said the proposed settlement is about fairness. "Citizens of other states have just as much a right to be compensated with a share in the proceeds of any judgments as the citizens of Massachusetts and Montana," he said.
The legal proceedings are likely to drag on, said Ryan K. Bakhtiari, a lawyer whose client's Finra arbitration was halted. "It's going to be a long road for the investors," he said.
A Securities America spokeswoman declined comment.