NEW YORK, NY / ACCESSWIRE / March 16, 2023 / National investment loss attorneys KlaymanToskes is investigating brokerage firms and brokers/financial advisors that recommended/managed investments in Signature Bank (NASDAQ:SBNY). Brokerage firms that failed to recommend risk management strategies to customers with large, concentrated or margined positions in Signature Bank or other bank stocks may be liable for investor losses.
U.S. banks have been under pressure, leaving major financial institutions’ share prices falling. Since Friday, March 10th, Wells Fargo shares fell 7%, Citigroup shares fell 9%, and JPMorgan Chase shares fell 4%. Regional banks faced larger losses as a result of the fallout, with First Republic falling 74%, PacWest Bancorp falling 42% and Western Alliance falling 43%.
On Sunday, March 12th, 2023, following Silicon Valley Bank, the Federal Deposit Insurance Corp. (“FDIC”) announced Signature Bank was closed and that the FDIC was appointed as its receiver, meaning that the FDIC will manage its assets and liabilities, and will control if they will be acquired, assumed, and/or liquidated. With more than $110 billion in assets, the Associated Press has called Signature Bank the third-largest bank failure in U.S. history.
Since then, a class action has been filed against SBNY. However, investors should be aware that class-actions may take many years to be resolved and payouts that 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 SBNY.
If you believe your advisor 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 888-997-9956or firstname.lastname@example.org.
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.
Lawrence L. Klayman, Esq.