NEW YORK, July 21, 2011 (GLOBE NEWSWIRE) -- The Securities Arbitration Law Firm of Klayman & Toskes, P.A. ("K&T"), www.nasd-law.com, announced today that a securities class action lawsuit filed against Merrill Lynch, a part of Bank of America (NYSE:BAC), Case No. 08-CV-10841, has recently obtained class certification. The class action arises out of the sale of approximately $16.5 billion of certificates derived from pools of securitized home mortgages, referred to as mortgage pass-through certificates. The certified class includes "all persons or entities who purchased or otherwise acquired Merrill Lynch Alternative Note Asset Trust Series 2007-A3, 2007-AF1, 2007-F1, Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, 2007-3, 2007-4, 2007 A, Merrill Lynch Mortgage Investors Trust Series 2006 MLN1, 2006-FM1, 2006FF1, 2006-RM5, MLCC 2006 2, 2006-AHL1, 2006-RM3, 2006-WMC1, 2006 WMC2, 2006 A1, Ownit Mortgage Loan Trust Series 2006-2 and who were damaged thereby."
Institutions and ultra high net worth ("Ultra-HNW") investors who purchased these mortgage pass-through certificates from Merrill Lynch should consider whether they should participate in the class action or file a securities arbitration claim in the arbitration forum established by the Financial Industry Regulatory Authority ("FINRA"). FINRA's Arbitration Department is where institutions and Ultra-HNW investors can go to seek redress as a result of sales practice violations committed by their brokerage firm.
K&T reminds institutions and Ultra-HNW investors of the benefits of filing a securities arbitration claim against their broker dealer, as opposed to participating in the class action lawsuit. By participating in the class action lawsuit, investors will most likely recover only pennies on the dollar. As a result, it may be more beneficial to file a securities arbitration claim to recover investment losses. In 2003, K&T conducted a detailed study of securities arbitration versus class action. The study concluded that investors who file a securities arbitration claim traditionally obtain an overall higher rate of recovery as opposed to participating in a class action lawsuit. To view the full results of the comparison, please visit our web-site: http://www.nasd-law.com/documents/classvr.pdf
The attorneys at the Law Firm of Klayman & Toskes are dedicated to aggressively pursuing claims on behalf of institutions and Ultra-HNW investors who have suffered investment losses. Klayman & Toskes, 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 purchased mortgage pass-through certificates from Merrill Lynch, 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./">http://www.nasd-law.com