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The Securities Arbitration Law Firm of KlaymanToskes 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. KlaymanToskes 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 KlaymanToskes to explore their legal rights and options.