New York, New York (PRWEB) July 03, 2013
Zamansky & Associates LLC has filed a FINRA arbitration against Merrill Lynch, on behalf of an investor who was sold variable annuities with Guaranteed Minimum Income Benefit (“GMIB”) and Early Death Benefit (“EDB”) riders. The case is FINRA No. TN#1300720.
The Statement of Claim in the arbitration alleges that the Merrill Lynch financial advisor recommended that an investor liquidate all of their investments to purchase variable annuities with GMIB and EDB riders. The Statement of Claim alleges that the financial advisor misrepresented the benefits and features of the annuities and GMIB and EDB riders, and failed to fully explain drawbacks and limitations. The Statement of Claim further alleges that the financial advisor failed to provide required hypothetical illustrations for the annuities and GMIB and EDB riders before the purchase was made, and that the investor was never afforded any meaningful “free look” provision required by state law. The Statement of Claim alleges that the financial advisor failed to explain the substantial fees associated with the annuities and the GMIB and EDB benefits.
According to stock fraud attorney Jake Zamansky, “variable annuities with guaranteed features are appropriate for some investors, but not for others.” “Investors, however, should receive a full and clear explanation of the product and benefits so that he or she can make the decision,” Zamansky states. “The explanation should include clear disclosure and explanation of the fees,” Zamansky states.
What Investors Can Do
If you invested in variable annuity that has benefits that you do not understand or were never explained to you. and would like to have your purchase reviewed or discuss your legal rights, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky & Associates LLC
Zamansky & Associates LLC is one of the leading law firms specializing in securities fraud, FINRA arbitration and class action litigation. Our FINRA attorneys represent both individual and institutional investors. Our securities arbitration practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
Zamansky & Associates, LLC
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414