NEW YORK, NY / ACCESSWIRE / March 13, 2023 / National investment loss attorneys KlaymanToskes is investigating brokerage firms and brokers/financial advisors that managed/recommended investments in Silicon Valley Bank (NASDAQ:SIVB) and other bank stocks. Brokerage firms that failed to recommend risk management strategies to customers with large, concentrated or margined positions in bank stocks may be liable for investor losses.
U.S. banks have been under pressure, with news outlets reporting that is the largest banking failure since the global financial crisis of 2008. As of market close on Monday, March 13th, Wells Fargo shares fell 17%, Citigroup shares fell 14%, and JPMorgan Chase shares fell 8% since last week. Regional banks faced larger losses as a result of the fallout, with First Republic falling 74%, PacWest Bancorp falling 64% and Western Alliance falling 65%.
On Friday, March 10th, 2023, the Federal Deposit Insurance Corp. (“FDIC”) announced SVB was closed and the FDIC was appointed as the receiver of SVB, meaning that the FDIC has taken control of SVB’s assets and liabilities, and will determine if they will be acquired, assumed, and/or liquidated. Yesterday, the Fed guaranteed all customers’ deposits.
Since then, a class action has been filed against SVB. However, investors should be aware that class-actions may take many years to be resolved and payouts are generally pennies on the dollar. KlaymanToskes believes FINRA arbitration is the best course of action for investors that suffered significant losses at the hands of full-service brokerage firms and advisors who recommended SVB.
If you believe your advisor may have made unsuitable investment recommendations or may have failed to recommend risk management strategies to protect concentrated or leveraged positions in your account, contact attorney Lawrence L. Klayman, Esq. for a free consultation immediately at 888-997-9956 or email@example.com.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.