INVESTOR ALERT: The Securities Arbitration Law Firm of Klayman & Toskes, P.A. Continues its Investigation and Files Claim on ...
June 08 2016 - 12:10PM
The Securities Arbitration Law Firm of Klayman & Toskes, P.A.
(“K&T”), www.nasd-law.com, announced today that it filed a
claim against Merrill Lynch on behalf of a UPS (NYSE:UPS) employee
for losses sustained from an unsuitable covered call writing
strategy for a concentrated UPS stock position. The suit was
filed with FINRA’s Arbitration Department, and seeks damages of
$1,000,000.
According to the Claim, the Claimant worked over
33 years with UPS and accumulated shares of the company through
UPS’ Employee Stock Purchase Plan and Managers Incentive
Program. Merrill Lynch and its financial advisor facilitated
the unsuitable investment strategy of selling covered call options
on the UPS stock to produce income, despite Claimant’s investment
objective and desire to hold onto his UPS stock. Merrill
Lynch sold call options at strike prices that were far too low
given market conditions and failed to buy back the options to
ensure the stock was not called away. The consequence of
Merrill Lynch not buying back the call options resulted in Claimant
losing over 33,000 shares of his UPS stock, which took his entire
career to accumulate.
We are currently investigating whether the
covered call strategies deployed by Merrill Lynch and other
investment firms were suitable for investors with concentrated
stock positions which were acquired through Managers Incentive
Programs or Employee Stock Purchase Programs. Current and
former UPS employees who held accounts with Merrill Lynch, or other
full-service brokerage firms, and have information relating to the
manner in which the firm handled their concentrated, leveraged
portfolios, are encouraged to contact Steven D. Toskes, Esq. or
Raymond Gentile, Esq. of Klayman & Toskes, P.A., at
888-997-9956, or visit our firm’s website at www.nasd-law.com.
About Klayman & Toskes, P.A.K&T is a
leading national securities law firm which practices exclusively in
the field of securities arbitration and litigation, on behalf of
retail and institutional investors throughout the world in large
and complex securities matters. The firm represents high net-worth,
ultra-high-net-worth, and institutional investors, such as
non-profit organizations, unions, public and multi-employer pension
funds. K&T has office locations in California, Florida, New
York and Puerto Rico.
Destination:
http://nasd-law.com/investor-alert-the-securities-arbitration-law-firm-of-klayman-toskes-p-a-continues-its-investigation-and-files-claim-on-behalf-of-ups-employee-for-losses-sustained-from-unsuitable-covered-call-wr/
Contacts
Klayman & Toskes, P.A.
Steven D. Toskes, Esq. or Raymond Gentile, Esq.
(888)-997-9956
www.nasd-law.com
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