The Securities Arbitration Law Firm of Klayman & Toskes Files $800,000 Claim Against Merrill Lynch on Behalf of a Retired UPS Employee As It Continues To Investigate Claims on Behalf of Current and Former UPS Employees
NEW YORK--(BUSINESS WIRE)-- The Securities Arbitration Law Firm of Klayman & Toskes ("K&T"), www.nasd-law.com, announced today that it filed a securities arbitration claim against Merrill Lynch on behalf of a retired UPS (NYS: UPS) employee for losses sustained as a result of maintaining a concentrated, leveraged position in UPS stock. The claim seeks damages of $800,000. The suit was filed with the Financial Industry Regulatory Authority's ("FINRA") Office of Dispute Resolution.
According to the Claim, the Claimant worked nearly 35 years with UPS and accumulated nearly 19,000 shares of the company through UPS' Employee Stock Purchase Plan and Managers Incentive Program, which represented virtually his entire life savings. In addition to acquiring company stock, the Claimant opened a Hypothecation Loan whereby the UPS stock served as collateral. His UPS stock was held at Merrill Lynch which offered him the line of credit. While Merrill Lynch loaned the Claimant hundreds of thousands of dollars whereby his UPS stock served as collateral against the loan, Merrill Lynch failed to recommend risk management strategies for the concentrated position in UPS stock. Merrill Lynch and its financial advisor facilitated the unsuitable investment strategy of borrowing against a concentrated stock position without any risk management strategies in place. By failing to protect the concentrated position and/or recommend risk management strategies, the Claimant received margin calls which triggered the sale of shares of UPS stock.
The attorneys at K&T are dedicated to pursuing claims on behalf of investors who have suffered substantial investment losses. K&T, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.
If you wish to discuss this announcement please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956 or visit us on the web at http://www.nasd-law.com.
Klayman & Toskes, P.A.
Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire, 888-997-9956
KEYWORDS: United States North America Florida New York
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