The Securities Arbitration Law Firm of Klayman & Toskes Continues to Investigate Claims On Behalf of Customers of the Phil Sc...
March 15 2012 - 6:10PM
Business Wire
The Securities Arbitration Law Firm of Klayman & Toskes,
P.A. (“K&T”)(http://www.nasd-law.com) announced today that it
is continuing to investigate claims against Merrill Lynch, a part
of Bank of America (NYSE:BAC), on behalf of customers of Phil Scott
a/k/a Walter Schlaepfer, and the Phil Scott Team. K&T has been
retained by former clients of Phil Scott, and is preparing to file
securities arbitration claims against Merrill Lynch on their behalf
in an effort to recover their investment losses.
Over the past year, two separate Financial Industry Regulatory
Authority (“FINRA”) Arbitration Panels rendered Awards on behalf of
customers of Phil Scott and Merrill Lynch who sought total damages
of about $2.7 million. Collectively, the Panels awarded the
Claimants about $2 million in compensatory damages, attorneys’
fees, costs, interest, and forum fees. The Claimants in the first
case, which was decided in June of 2011 (FINRA Case No. 09-06762),
were awarded about $880,000, and the Claimants in the second case,
which was decided in January of this year (FINRA Case No.
10-03400), were awarded approximately $1.2 million.
The Claimants in these cases alleged that Phil Scott made
unsuitable recommendations to place their assets in the Merrill
Lynch Phil Scott Team Income Portfolios which were invested in 100%
equities. To make matters worse, one of the Claimants had 60% of
the portfolio pledged to three different Merrill Lynch loans. This
only increased the risk associated with their portfolio and led to
the forced liquidation of securities when the market value of the
account declined.
Investors who held accounts with the Phil Scott Team and Merrill
Lynch can contact K&T to explore their legal rights and
options. K&T, an experienced, qualified and nationally
recognized securities litigation law firm, practices exclusively in
the field of securities arbitration and litigation. If you wish to
discuss this announcement or sustained losses of $100,000 or more
by investing with the Phil Scott Team, 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
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