Notice to LPL Customers: The Securities Arbitration Law Firm of Klayman & Toskes Continues to Invest
Notice to LPL Customers: The Securities Arbitration Law Firm of Klayman & Toskes Continues to Investigate and Pursue Claims Against LPL Financial as FINRA Levies $9 Million Fine
NEW YORK--(BUSINESS WIRE)-- The Securities Arbitration Law Firm of Klayman & Toskes ("K&T") (www.nasd-law.com) announced today that it is continuing to investigate and pursue securities arbitration claims against LPL Financial (NasdaqGS:LPLA) ("LPL") on behalf of investors who sustained substantial investment losses, following the $9 million fine levied against LPL by the Financial Industry Regulatory Authority ("FINRA") for systemic email failures and for making misstatements to FINRA. Specifically, FINRA found "significant email system failures which prevented LPL from accessing hundreds of millions of emails and reviewing tens of millions of other emails." The fine includes the establishment of a $1.5 million fund to compensate brokerage customer claimants potentially affected by LPL's failure to produce emails in securities arbitration proceedings.
K&T believes that these serious supervisory deficiencies have adversely affected LPL's customers. LPL's failure to implement the proper systems for review of its employees' emails may have led to the purchase of unsuitable investments in customer accounts as well as investments not approved by the firm, conduct which is known as "selling away," and potentially allowed for the proliferation of misrepresentations to the firm's customers by LPL advisors. K&T is currently representing numerous investors in securities arbitration claims against LPL for unsuitable recommendations, misrepresentation and omission, failure to supervise and selling away.
The attorneys at K&T are dedicated to pursuing claims on behalf of investors who have suffered substantial 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 information relating to this investigation, 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 www.nasd-law.com.
Klayman & Toskes, P.A.
Steven D. Toskes, Esquire, 888-997-9956
Jahan K. Manasseh, Esquire, 888-997-9956
KEYWORDS: United States North America Florida New York
The article Notice to LPL Customers: The Securities Arbitration Law Firm of Klayman & Toskes Continues to Investigate and Pursue Claims Against LPL Financial as FINRA Levies $9 Million Fine originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.