Summary of Claims

The Securities Law Firm of Klayman & Toskes expects that most investors will ultimately have to seek experienced legal counsel in order to recoup the money they placed in Auction Rate Securities.   That is where Klayman & Toskes can help. Our attorneys are dedicated to obtaining the maximum recovery on your behalf, from the Wall Street Brokerage Firms who placed unsuspecting customers in these products.

When brokerage firms sell products to their customers, they have an obligation to fully disclose all of the risks inherent in the products.  The firms are also prohibited from omitting material facts that may impact the decision of the customers to invest in the product.  Our law firm has estimated that many major Wall Street Brokerage Firms have legal exposure in excess of $200 billion to its institutional and individual customers in connection with their misrepresentation and omission in the sale of Auction Rate Securities. The brokerage firms represented, in writing and verbally, that Auction Rate Securities were safe, liquid investments which were akin to money market funds, but which could achieve a higher return with virtually no risk.  However, these representations regarding Auction Rate Securities have turned out to be false, and much of the investors’ money is now inaccessible.

As a result, the lawsuits being filed by Klayman & Toskes include allegations of breach of fiduciary duty, fraud, negligence and gross negligence, misrepresentation and omission of material fact, and federal and state securities laws violations.

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