Stoltmann Law Offices Warns UBS Clients About Accepting the Class Action Settlement for 100% Principal Protected Lehman Brothers Notes
Chicago, IL (PRWEB) September 25, 2013 -- Stoltmann Law Offices is advising purchasers of the 100% Principal Protected Lehman Brothers Notes that the class action opt out date is November 18, 2013. According to United States District Court Southern District of New York Lehman Brothers Equity/Debt Securities Litigation Case No. 09-MD-2017, Document 1277-1, clients who sustained losses in the Lehman Brothers related structured products must affirmatively opt out of the class action lawsuit. Purchasers who do not opt out will not be able to pursue FINRA arbitration claims or lawsuits against UBS for sales practices affiliated with those Notes.
According to Financial Industry Regulatory Authority (FINRA) Letter of Acceptance, Waiver and Consent NO.2008015443301, the firm made statements and omitted certain facts through communications to some of their financial advisors, which had the effect of misleading certain customers regarding characteristics and risks associated with investing in Lehman PPNs, including material information regarding the product’s “100% Principal Protection” feature.
According to Chicago securities attorney Andrew Stoltmann: "If a UBS client who purchased the alleged 100% Principal Protected Notes is a member of the Class and wants to retain the right to sue or to continue to sue UBS and other related parties, then they must take steps to get out of the Class. This is called excluding yourself and is sometimes referred to as 'opting out' of the Class. In order to properly exclude yourself, the investors must send in a written exclusion, along with other detailed actions, to the following address: In Re Lehman Brothers Equity/Debt Litigation, Litigation Claims Administer Exclusions, CO A.B. Data Ltd, 3410 West Hopkins Street, Milwaukee, WI 53216.”
Stoltmann also states: "If investors in the Notes do nothing, they remain a member of the Class. If certain conditions are met and the settlement becomes effective, the Claims Administrator will send the class members a check for the settlement amount. It appears as though the amount will be extremely small and paltry.” According to United States District Court Southern District of New York Lehman Brothers Equity/Debt Securities Litigation Case No. 09-MD-2017, Document 1277-1, plaintiffs will receive an average recovery of only $1.34 for Lehman Brothers structured products with a face value of $10. The class action council attorney fee is currently 22% of the customer recovery ($26.3 million) plus up to $1 million in additional expenses.
Stoltmann discloses: “We believe in many cases, UBS clients who sustained losses by Lehman Brothers Notes would be far better off pursuing an individual, separate FINRA arbitration claim and affirmatively opting out of the paltry class action settlement. We believe for many investors the settlement amount is insufficient and does not fully compensate them. Often times, class action settlements do a great disservice to injured investors by settling their claims for pennies on the dollar. Clients need an assessment of their individual facts and circumstances by an experienced lawyer to determine whether they should accept the class settlement or pursue a separate FINRA claim for causes of action like fraud, misrepresentations and omissions and suitability. Investors can call us for a no cost, no obligation opinion as to whether they should accept the settlement or pursue a separate claim.”
About Stoltmann Law Offices
The Stoltmann Law Offices exclusively represents investors from across the country in securities litigation and FINRA arbitration actions. Our Chicago based law firm exclusively focuses on FINRA securities arbitration claims and individual lawsuits against financial institutions, financial advisors, mutual fund firms and insurance companies throughout the United States.
Contacts
Stoltmann Law Offices, P.C.
10 S. LaSalle St Suite 3500
Chicago, IL 60603
Andrew Stoltmann, 312-332-4200
http://www.InvestmentFraud.PRO
Andrew Stoltmann, Stoltmann Law Offices, http://InvestmentFraud.pro, 312-332-4200 254, [email protected]
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