The Securities Arbitration Law Firm of Klayman & Toskes Files Claim Against UBS Seeking Damages of $750,000 on Behalf of Trust Beneficiary Whose Account Was Over-Concentrated in Synovus Financial Stock -- UBS

/ Source: GlobeNewswire

NEW YORK, May 20, 2011 (GLOBE NEWSWIRE) -- The Securities Arbitration Law Firm of Klayman & Toskes ("K&T"), , announced today that it filed a securities arbitration claim on behalf of a Trust beneficiary against UBS Financial Services (NYSE:UBS) for losses sustained as a result of maintaining a concentrated position in Synovus Financial Corp. ("Synovus") (NYSE:SNV) 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's mother, who is deceased, held a portfolio at UBS that was concentrated in Synovus stock. The Claimant's father first acquired the stock which was held in a joint account and when he passed away, the account became an individual account in the Claimant's mother's name. Eventually, the assets were placed in a Trust for the benefit of the Claimant and her two children. In 2004, the Claimant's mother was placed in an assisted living facility and within 6 months, due to her deteriorating health, she was moved to a healthcare facility which provided 24 hour care. At that time, Claimant's mother relied on social security, her husband's pension and her UBS account to pay for her healthcare. At 91 years of age, her UBS account was concentrated in a single stock, Synovus. Over the next four years, the Claimant's mother's account declined nearly $750,000. During this decline, her health worsened and she passed away in March of 2008.

Despite having a duty to do so, UBS failed to recommend risk management strategies to protect Claimant's mother's account which was valued at over $1.2 million. Such strategies include a collar, put options, and/or stop loss orders. UBS was aware of her deteriorating health and that she was in a healthcare unit, and yet it made no attempt to explain to her the risk of her account and/or to recommend strategies to protect her life savings. By failing to protect the concentrated position and/or recommend risk management strategies, her life savings and eventual inheritance of the Claimant and her two children declined substantially. 

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

CONTACT: Klayman & Toskes 888-997-9956