In Focus
March 21, 2006
SPECIAL ALERT TO SALOMON SMITH BARNEY INVESTORS
alomon Smith Barney investors who maintained Guided Portfolio Management ("GPM") accounts at the firm from 1998 through 2002 are subject to a class action settlement that will have the effect of precluding claims they have pending or are considering bringing against the firm for investment losses.
Investors who wish to opt out of the settlement may do so, but only by following the procedure outlined at http://bca.berdonllp.com/claims, including postmarking their written request to the claims administrator no later than April 21, 2006.
The class action settlement may not be the most advantageous resolution for investors who lost money on their investments through the GPM program. The GPM program was a fee-based program in which investors gave discretion to Salomon Smith Barney to make investments for them. Unfortunately, the firm took advantage of that trust by stuffing investors' accounts with stocks for which Salomon Smith Barney desired to obtain or to retain investment banking business, such as WorldCom and Global Crossing. Thus, instead of receiving objective investment advice owed by a fiduciary, investors suffered as a result of SSB's conflicts of interest.
In order to assist investors weighing whether or not to accept the terms of the class action, or to opt out of it, securities attorneys at
SNSFE
stand ready to analyze SSB's liability and the damages suffered for a reasonable flat fee. Please contact
James Eccleston
at your very earliest convenience in view of the April 21st opt out deadline.
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James J. Eccleston is a securities attorney, representing customers as well as brokers and brokerage firms nationwide in arbitration, litigation and regulatory matters. He maintains an informative website at www.FinancialCounsel.com. He is an equity partner with Shaheen, Novoselsky, Staat, Filipowski & Eccleston, and can be reached at 312-621-4400.
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