NOTICE TO UPS EMPLOYEES WITH ACCOUNTS AT MERRILL LYNCH: KlaymanToskes Continues to Investigate & Pursue Claims on Behalf of U...
June 19 2020 - 10:48AM
Business Wire
KlaymanToskes (“KT”), www.klaymantoskes.com, continues to
investigate FINRA arbitration claims for current and former UPS
(NYSE: UPS) employees with accounts at Merrill Lynch, for losses
sustained from unsuitable covered call writing strategies for
concentrated UPS stock positions.
According to multiple FINRA claims, Merrill Lynch employed an
unsuitable covered call writing strategy. After hard-working UPS
employees accumulated thousands of UPS shares through UPS’s
Employee Stock Purchase Program and the Manager Incentive Program,
they were solicited to invest with Merrill Lynch. Merrill Lynch
recommended a call writing strategy to earn stable income. The
strike prices that the call options were sold at were far too low
given market conditions. The strategy was improperly implemented,
and it led to UPS employees losing thousands of shares or
significant amounts of money buying back the shares. The UPS
employees did not want to lose shares, which they were assured they
would not. More importantly, the shares paid out much needed
quarterly dividends, which are relied upon in retirement. Further,
the sale of such large positions typically ended in significant tax
liability to investors.
The sole purpose of this release is to investigate the sales
practices of Merrill Lynch for FINRA sales practice violations
including: unsuitable recommendations, misrepresentation and
omissions of material facts, and failure to supervise. Current and
former UPS employees who held accounts at Merrill Lynch, and have
information relating to the manner in which the firm handled their
concentrated portfolios, are encouraged to contact Lawrence L.
Klayman, Esq., at (561) 542-5131, and download our Special Investor
Report.
About KlaymanToskes
KT 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 pension funds, and
multi-employer pension funds. KT has office locations in
California, Florida, New York, and Puerto Rico.
Destination:
https://klaymantoskes.com/notice-to-ups-employees-with-accounts-at-merrill-lynch
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version on businesswire.com: https://www.businesswire.com/news/home/20200619005336/en/
KlaymanToskes Lawrence L. Klayman, Esq. (561) 542-5131
lklayman@klaymantoskes.com www.klaymantoskes.com
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