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New York, NY, June 22, 2016 (BUSINESS WIRE) – The Securities Arbitration Law Firm of KlaymanToskes, www.klaymantoskes.com, announced today that it has launched an investigation into Merrill Lynch (NYSE: BAC) sales of strategic return notes in wake of the SEC’s probe
KlaymanToskes’s investigation has commenced as a result of the SEC’s preparation of a civil enforcement case against Merrill Lynch, stemming from structured note investments purchased by clients that declined up to 95% in value. Two former Merrill Lynch financial advisers filed a whistleblower complaint in connection with the investments, one of which stated that the structured notes were marketed to the public in a way that was “borderline crooked.” According to securities attorney Lawrence L. Klayman, “Investors may not have understood the risks associated with these structured notes and Merrill Lynch is responsible for disclosing these risks to its customers before making any recommendations to purchase them.”
Merrill Lynch underwrites, manages and markets billions of dollars in structured notes to its customers, including the strategic return notes that are the subject of the SEC’s probe. SEC official Amy Starr commented on structured note investments during a speech last year, “how many brokers and advisers who sell these products to retail investors actually understand what they are selling.”