OMAHA, Nebraska, Aug. 31, 2004 (PRIMEZONE) -- The securities arbitration law firm of Klayman & Toskes, P.A. ("K&T") (http://www.nasd-law.com) continues to pursue individual arbitration claims against Smith Barney/Citigroup on behalf of current and former Kiewit employees with an over-concentration of shares in Level 3 Communications (Nasdaq:LVLT) and WorldCom, which were obtained as a result of a spinoff of Kiewit's holdings. These investors do not wish to participate in the class action case (#02 Civ. 3288 DLC) pending in New York and have elected to `opt out'. The deadline to 'opt out' of the class action is September 1, 2004.
Securities law experts contend that it makes economic sense to `opt out' of a class action if you have a very large claim. For small claimants, however, the cost of pursuing an individual lawsuit may be larger than the amount that they could recover. Investors also need to be aware of the statute of limitations for filing these types of claims.
In April 2003, K&T authored a detailed study on the appropriate path for securities dispute resolution against Wall Street brokerage firms. A link to the study is available at the firm's website (http://www.nasd-law.com/) under "The Process" heading at the end of the first paragraph.
K&T has offices in California, Florida and New York and represents investors throughout the nation before New York Stock Exchange and National Association of Securities Dealers arbitration panels. If you wish to discuss this announcement or have information relevant to our securities arbitration claims, please contact Lawrence L. Klayman, Esquire of Klayman & Toskes, P.A., 888-997-9956, or visit us on the web at http://www.nasd-law.com/.