This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

The Securities Arbitration Law Firm Of Klayman & Toskes Continues To Investigate Claims On Behalf Of Customers Of The Phil Scott Team And Merrill Lynch

Stocks in this article: BAC

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

Copyright Business Wire 2010

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,390.32 -288.38 -1.63%
S&P 500 2,033.03 -24.06 -1.17%
NASDAQ 4,696.9260 -74.8370 -1.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs