The Securities Arbitration Law Firm of Klayman & Toskes Files Claim Against
Banc of America n/k/a Merrill Lynch to Recover Losses Sustained in Freddie Mac
Preferred Stock -- BAC
NEW YORK, June 20, 2012 (GLOBE NEWSWIRE) -- The Securities Arbitration Law
Firm of Klayman & Toskes ("K&T"), www.nasd-law.com, announced today that it
filed a securities arbitration claim against Banc of America (NYSE:BAC) n/k/a
Merrill Lynch on behalf of an investor who sustained losses of about $100,000
in Freddie Mac preferred stock. The claim was filed with the Financial
Industry Regulatory Authority (FINRA) Arbitration Department.
According to the Claim, the Claimant, an unsophisticated investor, received
unsuitable investment advice and misrepresentations from Banc of America and
its financial advisor in connection with the recommendation to invest in
Freddie Mac preferred stock. Prior to making the investment, the Claimant had
his savings invested in a money market earning close to and at times over 5%
while he was caring for his ill mother and saving for a home. His Banc of
America advisor represented to the Claimant that he could earn a better return
without any risk by investing in Freddie Mac preferred stock. The advisor
specifically represented that the stock was backed by the U.S. Government.
Moreover, the advisor concentrated all of the Claimant's account in Freddie
Following the advisor's recommendations, the Claimant lost approximately
$100,000 which was supposed to be invested in risk free investments.According
to the claim, the Banc of America advisor misrepresented the risk of Freddie
Mac and thereafter used the Claimant's lack of sophistication to keep him from
selling and realizing a loss.
Investors who sustained losses in Freddie Mac or Fannie Mae preferred stock
can contact K&T to explore their legal rights and options. The attorneys at
K&T are dedicated to pursuing claims on behalf of investors who have suffered
significant 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, or lost $100,000 or more in Freddie
Mac or Fannie Mae preferred stock, 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
CONTACT: Klayman & Toskes P.A.
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