NEW YORK, March 21 2005 – LAWFUEL – The Law News Network — The Law Firm of Klayman & Toskes, P.A.
(“K&T”) ( http://www.nasd-law.com ) continues to pursue individual securities
arbitration claims before the National Association of Securities Dealers
(“NASD”) and the New York Stock Exchange (“NYSE”) on behalf of high net worth
investors who prefer not to participate in, and investors who are ineligible
to recover from, the $433 million research analyst distribution fund created
by the Securities and Exchange Commission (“SEC”).
The distribution fund follows the decision against several brokerage firms
including Citigroup Global Markets Inc. (NYSE: C) (SEC v. Citigroup Global
Markets Inc. f/k/a Salomon Smith Barney Inc., No. 03 Civ. 2945 WHP) for the
violation of the Securities and Exchange Act of 1934 (“Exchange Act”) and for
violation of NASD rules 2110 and 2210 and NYSE rules 401, 472 and 476 (a)(6).
Although the market capitalization lost in excess of $1 billion, the
distribution fund has only allocated $157.5 million for the following stocks
purchased Citigroup Global Markets Inc.
1. AT&T Corp. (NYSE: T) Nov. 29, 99 – Jan. 25, 00
2. Level 3 Communications Inc. (Nasdaq: LVLT) Apr. 18, 01 – Jun. 18, 01
3. Metromedia Fiber Networks, Inc.,
now known as AboveNet Inc,
(OTC Pink Sheets: ABVT) Apr. 30, 01 – Jun. 25, 01
4. RCN Corp. (OTC Bulletin Board: RCNI) May 3, 01 – Aug. 2, 01
5. Williams Communications Group Inc.
(Williams Company Inc.) (NYSE: WMB) May 1, 01 – Nov. 1, 01
K&T currently represents numerous high net worth investors who have filed
individual securities arbitration claims. Investors suffering large losses
achieve an overall higher recovery rate through arbitration than any other
means. Empirical evidence shows that when an investor suffers losses in
larger amounts, usually in excess of $100,000, an individual dispute
resolution process such as an arbitration claim filed before the NYSE or the
NASD may be the best means of recovering losses suffered.
K&T has offices in California, Florida, Nebraska, and New York and
represents investors throughout the nation. The sole purpose of this release
is to investigate, on behalf of our clients, sales practice violations of
licensed brokers at major investment firms. If you wish to discuss this
announcement or have information relevant to our securities arbitration
claims, please contact Lawrence L. Klayman at 1-888-997-9956 or visit us on
the web at http://www.nasd-law.com .
Web Site: http://www.nasd-law.com