Skip to Content

Zamansky LLC Announces the Filing of a FINRA Arbitration Against Merrill Lynch Over Variable Annuities with GMIB and EDB Riders

July 3, 2013 Blog

Zamansky LLC has filed a FINRA arbitration against Merrill Lynch, on behalf of an investor who was sold variable annuities with Guaranteed Minimum Income Benefit (“GMIB”) and Early Death Benefit (“EDB”) riders. The case is FINRA No. TN#1300720.

Zamansky LLC has filed a FINRA arbitration against Merrill Lynch, on behalf of an investor who was sold variable annuities with Guaranteed Minimum Income Benefit (“GMIB”) and Early Death Benefit (“EDB”) riders. The case is FINRA No. TN#1300720.

The Statement of Claim in the arbitration alleges that the Merrill Lynch financial advisor recommended that an investor liquidate all of their investments to purchase variable annuities with GMIB and EDB riders. The Statement of Claim alleges that the financial advisor misrepresented the benefits and features of the annuities and GMIB and EDB riders, and failed to fully explain drawbacks and limitations. The Statement of Claim further alleges that the financial advisor failed to provide required hypothetical illustrations for the annuities and GMIB and EDB riders before the purchase was made, and that the investor was never afforded any meaningful “free look” provision required by state law. The Statement of Claim alleges that the financial advisor failed to explain the substantial fees associated with the annuities and the GMIB and EDB benefits.

According to stock fraud attorney Jake Zamansky, “variable annuities with guaranteed features are appropriate for some investors, but not for others.” “Investors, however, should receive a full and clear explanation of the product and benefits so that he or she can make the decision,” Zamansky states. “The explanation should include clear disclosure and explanation of the fees,” Zamansky states.

What Investors Can Do

If you invested in variable annuity that has benefits that you do not understand or were never explained to you. and would like to have your purchase reviewed or discuss your legal rights, you may, without obligation or cost to you, email jake@zamansky.com or call the law firm at (212) 742-1414.

About Zamansky LLC

Zamansky LLC is one of the leading law firms specializing in securities fraud, FINRA arbitration and class action litigation. Our FINRA attorneys represent both individual and institutional investors. Our securities arbitration practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.

Contacts

Zamansky LLC, LLC
50 Broadway – 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414

Tell Us About
Your Losses

Categories

Jake's Blog

Client Reviews

“Jake Zamasky and his colleagues represented me in a FINRA arbitration case against a large multinational bank and succeeded in obtaining an award for the full amount of my investment losses. I would highly recommend the Zamansky firm for their experience in securities litigation, their level of detailed research and case preparation, and their ability to effectively fight for what’s right.”

Richard R.

“Throughout my entire case, Jake Zamansky was incredibly responsive and spent time walking me through each step of the process. He is professional and worked with my challenging schedule, even meeting with me nights and on weekends. He knew exactly which turn to take when it came to my case and yet was respectful of any decisions I wanted to make resulting in a positive outcome.”

Donald A.

“Jake Zamansky and his firm represented me in a FINRA arbitration case to recover investment losses. Jake and his team were very professional and worked very hard preparing for trial and then reaching a substantial settlement of our case. I would highly recommend them.”

William E.

“Jake Zamansky represented me in a FINRA arbitration case which allowed me to recover a substantial portion of investment losses. He is truly an expert in this space and I would highly recommend him to those investors who may have been been a victim of investment fraud.”

Chris K.

“Jake and his team did a great job communicating with me throughout the process of my lawsuit. I would recommend him to anyone looking to sue UBS for unethical practices.”

Mike A.
View More
Tell Us About Your Losses Get Started