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The Securities Arbitration Law Firm of Klayman & Toskes Files $800,000 Claim Against Merrill Lynch On Behalf Of Retired United Parcel Service Inc

Wednesday, 5 Jun 2013 10:34am EDT 

The Securities Arbitration Law Firm of Klayman & Toskes (K&T), announced that it filed a securities arbitration claim against Merrill Lynch on behalf of a retired United Parcel Service Inc (UPS) employee for losses sustained as a result of maintaining a concentrated, leveraged position in UPS stock. The claim seeks damages of $800,000. The suit was filed with the Financial Industry Regulatory Authority`s (FINRA) Office of Dispute Resolution. According to the Claim, the Claimant worked nearly 35 years with UPS and accumulated shares of the company through UPS` Employee Stock Purchase Plan and Managers Incentive Program which represented virtually his entire life savings. In addition to acquiring company stock, the Claimant opened a Hypothecation Loan whereby the UPS stock served as collateral. The Claimant`s UPS stock was held at Merrill Lynch which offered him the line of credit. While Merrill Lynch loaned the Claimant hundreds of thousands of dollars whereby his UPS stock served as collateral against the loan, Merrill Lynch failed to recommend risk management strategies for the concentrated position in UPS stock. Merrill Lynch and its financial advisor facilitated the unsuitable investment strategy of borrowing against a concentrated stock position without any risk management strategies in place. By failing to protect the concentrated position and/or recommend risk management strategies, the Claimant received collateral calls which triggered the sale of UPS stock. 

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19 Dec 2014