ATTENTION UPS EMPLOYEES WITH RAMPART ACCOUNTS AT MERRILL LYNCH: KlaymanToskes Continues to Investigate Claims for UPS Employe...
June 26 2020 - 9:25AM
Business Wire
KlaymanToskes (“KT”), www.klaymantoskes.com, continues to
investigate and pursue FINRA arbitration claims against Merrill
Lynch on behalf of UPS (NYSE: UPS) employees for losses sustained
from an unsuitable recommendation to invest in the Rampart Options
Management Services Program (“Rampart”).
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 and
its financial advisors recommended Rampart to facilitate the
unsuitable investment strategy of selling covered call options on
the UPS stock to produce income. 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 its recommendation to engage in an
unsuitable covered call writing strategy through Rampart or
directly with a Merrill Lynch financial advisor. 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/attention-ups-employees-with-rampart-accounts-at-merrill-lynch
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KlaymanToskes Lawrence L. Klayman, Esq. (561) 542-5131
lklayman@klaymantoskes.com www.klaymantoskes.com
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