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KlaymanToskes announced that it filed a securities arbitration claim against Banc of America Investment Services (“Banc of America”) (NYSE: BAC) on behalf of an 83 year old retiree for losses sustained as a result of unsuitable investment recommendations. The suit was filed with the Financial Industry Regulatory Authority’s (FINRA) Office of Dispute Resolution. Instead of recommending a conservative investment strategy to reduce the investor’s risk, Banc of America recommended a strategy that concentrated the investor’s assets in the financial sector, including Lehman Brothers (OTC: LEHMQ.PK), Citigroup (NYSE: C), Credit Suisse (NYSE: CS), Bank of America, and CIT Group (NYSE: CIT).
The claim also seeks to recover losses sustained by the Claimant in the Oppenheimer California Municipal Bond Fund, Class C (NASDAQ: OCACX). At the time the Claimant’s Banc of America advisor recommended the purchase of the Oppenheimer California Municipal Bond Fund, the advisor failed to conduct adequate due diligence into the risk and composition of this Fund. Unfortunately, the Fund was unsuitable for the Claimant and did not meet his investment objectives. As a result of the wrongful acts of Banc of America, the Claimant sustained damages of about $475,000.