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CUSTOMERS ALLEGE THAT THEY SHOULD NOT HAVE
BEEN ADVISED TO SELL 1997 SHARES OF THEIR 2497 SHARE HOLDING IN
BANKAMERICA CORPORATION COMMON STOCK HELD IN THEIR MERRILL
LYNCH ACCOUNT. DUE TO INACCURATE INFORMATION THEY PROVIDED TO
MERRILL LYNCH REGARDING THEIR MEANS OF ACQUISITION, THEIR
CAPITAL GAINS TAX CONSEQUENCES WERE GREATER THAN THEY HAD
PLANNED, FOR. THEY SEEK $116,443 IN DAMAGES.
Damage Amount Requested
$116,443.00
Settlement Amount
$35,000.00
Broker Comment
IN ORDER TO AVOID THE COSTS AND UNCERTAINTIES OF
LITIGATION, MERRILL LYNCH SETTLED FOR $35,000.
A NUMBER OF THOROUGH DISCUSSIONS REGARDING ASSET
ALLOCIATION, PORTFOLIO DIVERSIFICATION AND RISK MANAGEMENT WERE
CONDUCTED WITH CUSTOMERS FOR SEVERAL MONTHS PRIOR TO THE SALE
OF THE SHARES. MERRILL LYNCH BELIEVES MR. MAZUR ACTED PROPERLY
IN ADVISING THE CLIENT.
6/1/1992
Customer Dispute
Settled
Allegations
CUSTOMER ALLEGES THAT UNSUITABLE INVESTMENT
WERE PURCHASED IN THE ACCOUNT. DAMAGES ALLEGED - $185,000.00
Damage Amount Requested
$185,000.00
Settlement Amount
$40,000.00
Broker Comment
SETTLED FOR $40,000.00 (SEE BELOW)
MATTER SETTLED TO AVOID COSTS AND EXPENSES OF
LITIGATION. CERTAIN SECURITIES WILL BE ASSIGNED TO MERRILL
LYNCH AND SOLD TO REDUCE THE COST OF THE SETTLEMENT
SIGNIFICANTLY. MERRILL LYNCH AND MR. MAZUR CONSIDERED THE
INVESTMENTS TO BE TOTALLY APPROPRIATE AND CONSISTENT WITH THE
CLIENT'S STATED INVESTMENT GOALS AND OBJECTIVES.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.