NOTICE TO UPS EMPLOYEES WITH ACCOUNTS AT THE MERRILL LYNCH TAMPA, FLORIDA BRANCH OFFICE: Klayman & Toskes, P.A. Continues to ...
April 05 2018 - 2:41PM
Business Wire
Klayman & Toskes, P.A. (“K&T”), www.nasd-law.com,
continues to investigate FINRA arbitration claims for UPS (NYSE:
UPS) employees with accounts at the Merrill Lynch Tampa, Florida,
branch office, for losses sustained from unsuitable covered call
writing strategies for concentrated UPS stock positions.
According to multiple claims, the Tampa, Florida branch office
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, at the Tampa, Florida branch office. Merrill Lynch
recommended a call writing strategy, to earn present 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 lead 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.
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. UPS
employees who held accounts at Merrill Lynch’s Tampa, Florida
branch office, and have information relating to the manner in which
the firm handled their concentrated portfolios, are encouraged to
contact the attorneys of Klayman & Toskes, P.A., at (888)
997-9956, or visit our firm’s 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 pension funds, and multi-employer pension funds. K&T has
office locations in California, Florida, New York, and Puerto
Rico.
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Klayman & Toskes, PASteven D. Toskes, Esq.,
888-997-9956stoskes@nasd-law.comwww.nasd-law.com
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