NEW YORK, March 12, 2010 (GLOBE NEWSWIRE) -- The Securities Law Firm of Klayman & Toskes ("K&T"), www.nasd-law.com, announced today that it filed a securities arbitration claim against Ferris, Baker Watts ("Ferris Baker") n/k/a RBC Capital Markets Corp. (NYSE:RY) seeking damages of $400,000. The suit was filed with FINRA Dispute Resolution. The Claimants sustained these substantial losses as a result of an unsuitable investment strategy recommended by Ferris Baker and its financial advisor. Specifically, the Ferris Baker advisor recommended that the Claimants refinance their home mortgage to purchase income generating closed-end funds which were represented to be conservative investments. However, contrary to these representations, the recommended funds included aggressive, speculative funds which sustained significant losses in 2007 and 2008. Consequently, the funds no longer generated the income the Claimants needed to cover their mortgage. As a result of Ferris Baker's unsuitable investment advice, the Claimants, who were retired, were forced to go back to work to generate enough income to pay their mortgage to avoid losing their home.
Retail and institutional investors who have sustained investment losses can contact K&T to explore their legal rights and options. The attorneys at K&T are dedicated to pursuing claims on behalf of investors who have suffered investment losses. K&T, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.
If you wish to discuss this announcement or have investment losses of $100,000 or more, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956 or visit us on the web at http://www.nasd-law.com.