World News: 18:45 GMT Wednesday 15th May 2019. [Klayman & Toskes P.A. via Globe Newswire via SPi World News]
BOCA RATON, Fla., May 15, 2019 (GLOBE NEWSWIRE) -- The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), , announced today that it filed a claim against Merrill Lynch on behalf of a former UPS (NYSE:UPS) employee for losses sustained from unsuitable covered call writing strategies for concentrated UPS stock positions.
According to the claim, the Claimant worked with UPS for 39 years. He accumulated more than 33,000 shares through the UPS Employee Stock Purchase Program and the Manager Incentive Program. He invested his shares with Merrill Lynch, who recommended a call writing strategy, to earn present income. The strategy was improperly implemented, and it lead to the Claimant losing thousands of his shares. The Claimant’s specific investment objective was not to lose his shares, which he was assured he would not. More importantly, the Claimant was earning much needed quarterly dividends, which he relies upon in his retirement. The strike prices that the were sold at were far too low given market conditions, and the firm failed to buy them back. These recommendations led to the Claimant losing thousands of his shares as well as a significant portion of his much-needed dividend payments.
The sole purpose of this release is to investigate the sales practices of Merrill Lynch for including: , , and . Current and former UPS employees who held accounts at Merrill Lynch, and have information relating to the manner in which the firm handled their concentrated, leveraged 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.
Contact:Klayman & Toskes, PALawrence L. Klayman, Esq.888-997-9956
Globe Newswire: 18:45 GMT Wednesday 15th May 2019
SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 07519380.