The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

The Securities Arbitration Law Firm of Klayman & Toskes Files $750,000 Claim Against Wells Fargo Advisors on Behalf of a UPS Employee As It Continues To Investigate Claims on Behalf of Current and Former UPS Employees

Monday, May 20, 2013

The Securities Arbitration Law Firm of Klayman & Toskes Files $750,000 Claim Against Wells Fargo Advisors on Behalf of a UPS Employee As It Continues To Investigate Claims on Behalf of Current and Former UPS Employees

11:59 EDT Monday, May 20, 2013

NEW YORK (Business Wire) -- The Securities Arbitration Law Firm of Klayman & Toskes (“K&T”), www.nasd-law.com, announced today that it filed a securities arbitration claim against Wells Fargo Advisors on behalf of a UPS (UPS) employee for losses sustained as a result of maintaining a concentrated, leveraged position in UPS stock. The claim seeks damages of $750,000. The suit was filed with the Financial Industry Regulatory Authority's (“FINRA”) Office of Dispute Resolution.

According to the Claim, the Claimant has worked over 37 years with UPS and accumulated shares of the company through UPS' Employee Stock Purchase Plan and Managers Incentive Program, which represented virtually his entire life savings. To facilitate purchasing the UPS stock, the Claimant opened a Hypothecation Loan (“hypo loan”) whereby the UPS stock served as collateral. At one point, he moved his hypo loan to Wells Fargo and a Note and Security Agreement was executed with Wells Fargo whereby the Claimant used his UPS stock as collateral against the loan. Wells Fargo, looking to make money on the loan, facilitated the unsuitable investment strategy of borrowing against a concentrated stock position without a collar and/or protective put options in place. By failing to protect the concentrated position and/or recommend risk management strategies, the Claimant received a collateral call which triggered the sale of his UPS stock.

The attorneys at K&T are dedicated to pursuing claims on behalf of investors who have suffered substantial 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 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.

Klayman & Toskes, P.A.
Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire, 888-997-9956

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections