KlaymanToskes, www.klaymantoskes.com, is investigating the damages sustained by investors at full-service brokerage firms who held large, unhedged concentrated positions, margin accounts, unsuitable asset allocations, or had an account that was excessively traded (known as “Churning”) and suffered losses due to the Coronavirus (“COVID-19”) pandemic.
Has COVID-19 Caused You to Suffer Losses?
Covid-19 has caused significant market volatility as large populations across the world have been quarantined and/or are on lockdown. Governments are implementing social distancing to combat COVID-19, since there is currently no vaccine or cure. The increase in volatility has led to widespread losses.
What Can I Do to Recover My Losses?
Customers of full-service brokerage firms who held large, unhedged concentrated stock positions, margin accounts, unsuitable asset allocations, or whose account has been excessively traded and have suffered significant losses due to the recent market conditions may have been irreversibly harmed. Brokerage firms must comply with FINRA sales practice rules and regulations and can otherwise be subject to a legal cause of action through FINRA arbitration. For more information on recovering your losses suffered as a result of COVID-19, please visit our recent COVID-19 blog article.
Do I Qualify?
To qualify, you must have an account at a full-service brokerage firm serviced by a financial advisor or an account managed by a registered investment advisor at a discount brokerage firm. If you have a self-directed account or make your own investment decisions, then this does not apply to you.
The sole purpose of this release is to investigate whether strategies deployed by investment firms and financial advisors were suitable for investors. Investors who held accounts at full-service brokerage firms, and have information relating to the manner in which the firm handled their portfolios during the recent decline due to COVID-19, are encouraged to contact the attorneys of KlaymanToskes at (561) 542-5131, or visit our firm’s website at www.klaymantoskes.com.