BES’S Settlement with the New York State Attorney General


On November 23, 2011, BES entered into a settlement with the New York State Attorney General concerning the sale of securities to certain of its New York customers.  In connection with the settlement, BES will offer to repurchase from you products deemed to be securities under U.S. law that have been held your account at any time since November 1, 2004.   


Specifically, BES is offering to refund the entire purchase price paid for the securities, together with interest from the date of purchase, less the amount of any income received on the securities.  The interest rate that will be used for this computation is 9% per year. 


If you accept the offer for any security, you receive a cash payment but will no longer own the security.  As a result, you will not receive any further payments related to the security.


If you previously held a security that has matured or been sold, BES will offer to make a payment equal to the purchase price, plus 9% interest on the purchase price until the date of maturity or sale, reduced by any income received on the securities and by the amount received upon maturity or sale.   


BES makes no recommendation as to whether you should accept or reject the offer with respect to any or all qualifying securities.  The offer does not relate to any conventional banking or similar products. 


You are requested to mail your response to BES’s offer by February 11, 2012. The response form lists each security held by you and permits you to accept or reject the offer with respect to each security listed.


If an offer is accepted, either in whole or in part, BES will deposit into your account the funds owed under the terms of the offer within 30 days following receipt of the properly completed response form. 


If an offer is rejected, either in whole or in part, then you must provide BES with instructions as to where to transfer the remaining securities positions.  If you do not have another securities brokerage account at a U.S. registered broker-dealer to which securities may be transferred, BES may be able to assist you in opening an account at its affiliated broker-dealer in the U.S. to hold the securities that you wish to retain.


If no response is received by February 16, 2012, BES will proceed on the basis that it has received consent from you to accept the offer, and will proceed with the repurchase of all securities held in your account


A toll free telephone line has been established to assist you with any questions in connection with the offer.  The toll free line in the U.S. is 1-888-342-6601, and the toll free line in Portugal is 351-800-208-632.  The telephone line operates from 6:00 a.m. to 3:00 p.m. (EST) or 11:00 a.m. to 8:00 p.m. (Portugal time).  You may also submit any questions you may have to   


In addition, please click here for a list of frequently asked questions and answers which you may find helpful.</span