New York, NY (PRWEB) May 07, 2013
Zamansky & Associates LLC has filed another FINRA arbitration on behalf of a Ambler, Pennsylvania husband and wife against their brokerage firm, UBS Financial Services, Inc. The case is FINRA No. 13-00622.
The Statement of Claim alleges that UBS sold Claimants notes issued by the now-defunct Lehman Brothers that were unsuitable and too risky for their IRA accounts. The Statement of Claim asserts that UBS hid its true views of Lehman’s deteriorating financial condition from its retail customers who were invested in these notes. The Statement of Claim alleges that UBS’s brokerage customers never knew that there was real possibility that these Lehman notes could default and become worthless. The Statement of Claim also alleges that UBS twice halted sales of Lehman notes in response to concerns about credit risk, but failed to disclose those halts to its thousands of retail customers who already 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 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. This case was FINRA No. 10-00361. This damage award was, according to Jake Zamansky, in addition to payments and distributions 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.
Zamansky & Associates, LLC
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414