New Cases

Securities Cases

• We successfully obtained double the losses of a Rubbermaids retiree against Merrill Lynch in an Ohio arbitration. In a groundbreaking ruling (featured in the Sunday New York Times, February 9, 2003 edition), Zamansky stated: "The Wolfe [Rubbermaid] decision sends a message that big Wall Street firms, and their brokers, will be held accountable for destroying the retirement savings of unsuspecting customers by recommending risky hightech stocks and funds." The investor recovered double his losses suffered by investing in speculative high tech stocks and the Merrill Lynch Internet Strategies Fund.
• We are representing individuals and institutional investors who suffered substantial losses as a result of the April 2000 "High Technology" Stock Crash.
• We represented an investor in a "ground breaking" case which sought to impose liability for high technology stock losses upon "superstar" analyst Henry Blodget of Merrill Lynch. The claim asserts that the analyst failed to disclose material conflicts of interest and used baseless valuation criteria in setting exorbitant price targets on tech stocks and that the analyst made misleading "buy" recommendations. Merrill Lynch agreed to settle the case in a decision which "stunned the financial world".
• We are representing individuals who are suffering from mental illness (bipolar illness, depression, Alzheimer's disease, compulsive gambling) in their claims against brokerage firms for fraudulent and unsuitable conduct.
• We are currently representing individual investors in claims against their brokers for securities fraud, "unsuitable" investments, "churning" of accounts and market manipulation.
• We represent South American investors in fraud and churning claims against their U.S. Brokers including claims based upon the unsuitable recommendations of Russian bonds and securities during the 1998 Russian economic collapse.
• "Suitability" requires the broker to "know your customer" and "know your security." In other words, a broker has an obligation to make sure that the securities recommended to the customer are consistent with the customer's "investment objective" and "risk tolerance." The broker's obligation to "know your security" requires the broker to have a reasonable basis of fact upon which to recommend the security to the customer.
• "Churning" involves a broker engaging in excessive "turnover" in an account in light of the client's investment objectives and "control" of the account by the broker.
• Mr. Zamansky has appeared on CNBC and CNN Television as a commentator regarding illegal and improper Initial Public Offering Practices by Major Brokerage Firms.