Coral Gables, FL (Vocus/PRWEB) February 03, 2011
The Securities Law Firm of Tramont Guerra & Nunez, P.A. (TGN) makes an announcement to all current and former employees concerning the Beazer Homes USA, Inc. ERISA class action (Case No. 1:2007-CV-00952-RWS) settlement agreement for the case filed in the US District Court of the Northern District of Georgia. According to Court documents, the settlement with employees who participated in the Beazer Homes USA, Inc. 401(k) Plan was for $5.5 million. The class action lawsuit alleged the fiduciary of the 401(k) plan was obligated to remove Beazer Homes USA, Inc. common stock as an investment option, “when Beazer stock failed to constitute a prudent retirement investment.” TGN urges current and former employees who held Beazer Home USA Inc. stock with full-service brokerage firms to consider what recourse is available to recover their investment losses. The Financial Industry Regulatory Authority, (FINRA) is a self regulating organization with sales practice rules and regulations that govern the securities industry’s conduct and safeguard the investing public. For investors who accumulated shares in Beazer Homes USA, Inc., the recent developments represent a significant loss in income and investment.
According to TGN, many investors in Beazer Homes USA Inc. stock represented a long term holding acquired through investment or as an employee of the company. Full-service brokerage firms are obligated to give, and investors are entitled to rely upon, brokerage firms for competent, suitable investment advice for investments made in customer accounts. Brokerage firms are required to supervise the activities in brokerage accounts, losses may be attributed to the failure to adequately supervise the stockbroker and the brokerage account. Recommendations of unsuitable investments and/or failure to recommend appropriate risk management strategies for unprotected concentrated stock positions are both causes of action that may be available to investors against their full-service brokerage firm in an individual securities arbitration claim filed with FINRA.
The Securities Law Firm of Tramont Guerra & Nunez, PA, is a nationally recognized, Martindale Hubbell “AV” rated securities law firm. To request a confidential consultation from a TGN attorney to determine whether you have a viable individual securities arbitration claim for investment losses that exceed $250,000 from a full service brokerage account, contact us on our website. To speak directly with an attorney, call (800) 578-0137 and ask for David Chacin, Esquire.