News for 'WAMUQ' - (The Securities Law Firm of Tramont Guerra & Nunez, PA Announces Million Dollar Securities Arbitration Claim Filed Against Merrill Lynch)
CORAL GABLES, FL, Jun 12, 2009 (MARKETWIRE via COMTEX) -- The Securities Law Firm of Tramont Guerra & Nunez, PA (TGN) announces the recent filing of a million dollar securities arbitration claim with the Financial Industry Regulatory Authority (FINRA), Case No. 09-01606, against Merrill Lynch. Merrill Lynch was acquired by Bank of America (NYSE: BAC) and is now a part of the combined broker dealer Banc of America Securities/Merrill Lynch. The securities arbitration claim alleges an unsuitable concentration in Washington Mutual stock (PINKSHEETS: WAMUQ). During the financial banking system collapse the concentrated stock portfolio declined over $1.6 million, while there was no advice given to implement any risk management strategies to protect the concentrated portfolio. The securities arbitration claim arises from sales practice rule violations, as set forth by the Financial Industry Regulatory Authority (FINRA).
Merrill Lynch is required to supervise the handling of client accounts to assure compliance with internal procedures. Merrill Lynch was obligated to give and investors are entitled to rely upon brokerage firms for, competent, suitable investment advice in accordance with the FINRA regulations. In this instance, the Claimant did not understand the risks associated with securities concentration in the banking and financial sector of the economy. Many investors were advised that an investment in Washington Mutual was a suitable investment, and some investors maintained concentrated positions. These concentrated positions may have exposed investors to unnecessary and uncompensated risk. This arbitration claim filed with FINRA seeks to recover losses stemming from the violation of these FINRA sales practice rules and regulations. Recommendations of unsuitable investment strategies and/or concentrated investments in the financial sector are both causes of action that form the basis for individual securities arbitration claims filed with FINRA.
The Securities Law Firm of Tramont Guerra & Nunez, PA, is a nationally recognized, Martindale Hubbell "AV" rated securities law firm. To request a confidential consultation from a TGN attorney to assist you in determining whether you have a viable individual claim for investment losses that exceed $100,000 from a full service brokerage account, contact us on stock market loss lawyers. To speak directly with an attorney, call (800) 578-0137 and ask for David Chacin, Esquire.
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