Zamansky LLC Announces The Filing Of A FINRA Arbitration Against Merrill Lynch, Pierce, Fenner & Smith Inc. f/k/a Banc of America Investment Services Inc.

Zamansky LLC has filed a FINRA arbitration on behalf of a brokerage customer against Merrill Lynch, Pierce, Fenner & Smith Inc. f/k/a Banc of America Investment Services Inc. (“Merrill Lynch”), over losses from an unsuitable investment in Lehman Brothers’ preferred stock. The case is FINRA No. TN#13-792

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Any investor who was sold a Lehman Brothers’ stock, bond, note, structured note or “100% Principal Protected Note,” should have the transaction reviewed by a professional for suitability, Zamansky believes.

New York, New York (PRWEB) July 20, 2013

Zamansky LLC has filed a FINRA arbitration on behalf of a brokerage customer against Merrill Lynch, Pierce, Fenner & Smith Inc. f/k/a Banc of America Investment Services Inc. (“Merrill Lynch”), over losses from an unsuitable investment in Lehman Brothers’ preferred stock. The case is FINRA No. TN#13-792.

The Statement of Claim in the arbitration alleges that the brokerage customer was a trust owned by a 93 year-old, retired machinist. The Statement of Claim alleges that a Merrill Lynch financial advisor sold the trust $70,000 of Lehman Brothers’ preferred stock, which violated the customer’s investment objectives and risk tolerance, and the trust’s standards of care and prudence. The Statement of Claim alleges that a Merrill Lynch financial advisor recommended the Lehman Brothers’ preferred stock because it was a firm underwriting.

According to stock fraud attorney Jake Zamansky, “in the months before its bankruptcy, Wall Street knew that Lehman Brothers had become a huge credit risk.” “Lehman Brothers’ credit default spreads were spiking –which was a bright red warning signal,” Zamansky states. Any investor who was sold a Lehman Brothers’ stock, bond, note, structured note or “100% Principal Protected Note,” should have the transaction reviewed by a professional for suitability, Zamansky believes.

Zamansky has had success for investors in Lehman Brothers' structured notes.

On December 5, 2009, the Wall Street Journal reported that Zamansky won $225,000 in the first case for an investor against UBS, Patricia M. Flanagan v. UBS Financial Services Inc., FINRA 08-04152. Zamansky also successfully represented the former president of the Philadelphia 76ers Pat Croce. As reported by [Reuters on June 13, 2011, an arbitration panel found UBS liable for $2 million in damages, less $480,000 -- the residuary value of the note -- and interest from September 2008. The case was FINRA No. 2010-00361.

What Investors Can Do

If you invested in a Lehman Brothers’ stock, preferred stock, bond or structured product, 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 LLC

Zamansky 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.

Contacts

Zamansky & Associates, LLC
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414


Contact

  • Jacob Zamansky
    Zamansky & Associates LLC
    212 742-1414
    Email