Zamansky & Associates LLC Has Filed Another FINRA Arbitration for a UBS Brokerage Customer to Recover Losses from Lehman Structured Notes

Zamansky & Associates LLC has filed another FINRA arbitration on behalf of a 49-year-old North Carolina man alleging that his brokerage firm, UBS Financial Services, Inc., wrongly recommended that he purchase $128,000 worth of structured products issued by the now-bankrupt Lehman Brothers in his individual retirement account. The case is FINRA No. 12-2238.

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New York, New York (PRWEB) April 26, 2013

Zamansky & Associates LLC has filed another FINRA arbitration on behalf of a 49-year-old North Carolina man alleging that his brokerage firm, UBS Financial Services, Inc. ("UBS"), wrongly recommended that he purchase $128,000 worth of structured products issued by the now-defunct Lehman Brothers. The case is FINRA No. 12-2238.

The Statement of Claim alleges that UBS recommended Lehman notes to conservative retail brokerage customers, and advised them to hold on to Lehman notes, while its senior management had a different view internally of Lehman’s financial condition. The Statement of Claim alleges that UBS violated FINRA’s suitability rule by emphasizing the principal protection feature of the Lehman notes and downplaying issuer credit risk, both at the time of the sale and afterwards. The Statement of Claim also alleges that UBS twice halted sales of Lehman notes in response to concerns about Lehman’s growing credit risk, but failed to disclose those trading halts to its thousands of retail customers who held Lehman notes in their accounts.

Zamansky & Associates LLC has successfully represented the former president of the Philadelphia 76ers Pat Croce. As reported by Reuters, 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. 10-361. This award of damages damage was, according to Jake Zamansky, in addition to payments that are made under the Lehman Brothers’ bankruptcy proceeding.

What Investors Can Do

If you would like to have your brokerage accounts 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 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