BOCA RATON, Fla., Feb. 24, 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 Banc of America Investment Services ("Banc of America") (NYSE:BAC) on behalf of an 83 year old retiree for losses sustained as a result of unsuitable investment recommendations. The suit was filed with the Financial Industry Regulatory Authority's (FINRA) Office of Dispute Resolution. Instead of recommending a conservative investment strategy to reduce the investor's risk, Banc of America recommended a strategy that concentrated the investor's assets in the financial sector, including Lehman Brothers (Pink Sheets:LEHMQ), Citigroup (NYSE:C), Credit Suisse (NYSE:CS), Bank of America, and CIT Group (NYSE:CIT).
The claim also seeks to recover losses sustained by the Claimant in the Oppenheimer California Municipal Bond Fund, Class C (Nasdaq:OCACX). At the time the Claimant's Banc of America advisor recommended the purchase of the Oppenheimer California Municipal Bond Fund, the advisor failed to conduct adequate due diligence into the risk and composition of this Fund. Unfortunately, the Fund was unsuitable for the Claimant and did not meet his investment objectives. As a result of the wrongful acts of Banc of America, the Claimant sustained damages of about $475,000.
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.