Klayman & Toskes, P.A. Expands Its Investigation into Merrill Lynch’s Sale of Strategic Return Notes After Regulators Levy ...
June 23 2016 - 1:02PM
Business Wire
The Securities Arbitration Law Firm of Klayman & Toskes,
P.A. (“K&T”), www.nasd-law.com, announced today that it has
expanded its investigation into Merrill Lynch’s (NYSE: BAC) sale of
Strategic Return Notes. The SEC and FINRA have collectively levied
$15 Million in fines against the firm for failing to disclose
material facts in its sales of these structured notes to retail
customers.
Each quarter investors were obligated to pay 1.5% in execution
costs. According to the SEC and FINRA, Merrill Lynch failed to
adequately disclose these costs, making it appear that these fixed
costs were lower than they actually were. “The fact that investors
were misled with regard to these exorbitant costs is
unconscionable. Investment products with hidden annual costs of 6%
are not sustainable in any economic environment. Investors should
be extremely angry that they were misled with regard to these fees,
which were not adequately disclosed by Merrill Lynch,” said
Lawrence L. Klayman of the securities arbitration law firm
K&T.
The sole purpose of this release is to investigate Merrill
Lynch’s conduct with respect to unsuitable recommendations,
misrepresentations and omissions, and failure to supervise. Current
and former customers of Merrill Lynch who purchased Strategic
Return Notes that have information relating to the manner in which
the firm represented these products, are encouraged to contact
Lawrence Klayman, Esq. or Raymond Gentile, Esq. of Klayman &
Toskes at (888) 997-9956, or visit our 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/notice-to-merrill-lynch-customers-who-invested-in-strategic-return-notes-sec-and-finra-levy-15-million-in-fines-for-failing-to-disclose-material-facts-in-sales-of-structured-notes/
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160623006028/en/
Klayman & Toskes, P.A.Lawrence Klayman, Esq. or Raymond
Gentile, Esq., 888-997-9956www.nasd-law.com
Bank of America (NYSE:BAC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bank of America (NYSE:BAC)
Historical Stock Chart
From Apr 2023 to Apr 2024