Notice to All SunTrust Customers Who Invested in Auction Rate Securities

NEW YORK, June 13, 2008 (LAWFUEL) — The Securities Law Firm of
Klayman & Toskes, P.A. ( recently announced the
filing of a lawsuit against SunTrust (NYSE:STI) with the Financial
Industry Regulatory Authority’s (“FINRA”) Office of Dispute Resolution.
According to the Complaint, SunTrust purchased for the Claimants Nuveen
Auction Rate Preferred Securities (“ARPS”). SunTrust represented the
ARPS to be conservative, safe, liquid investments. Not having been
advised of the risk and ability for illiquidity, the Claimants
purchased the Nuveen ARPS. Today, about $1.6 million of the Claimants’
money remains frozen due to continued failed auctions.

Klayman & Toskes continues to investigate the sales practices of
several Wall Street brokerage firms, including SunTrust, Banc of
America (NYSE:BAC), Wachovia (NYSE:WB) and UBS Financial Services
(NYSE:UBS) in connection with their marketing of Auction Rate
Securities. Many brokerage firms marketed Auction Rate Securities to be
“safe”, “liquid” investments that were akin to money market funds.
However, since the week of February 11, 2008, many auctions have failed
and the clients’ investments have become illiquid as buyers have become
scarce. As a result, many investors no longer have access to their
money which was placed in Auction Rate Securities.

Some investors have been able to sell their Auction Rate Securities on
the secondary markets. However, these sales have often been achieved at
deep discounts from the original purchase price of the securities. As
such, those investors who have been able to sell would potentially have
a claim for the reduction in the value of their securities. The
arbitration claims presently being filed by Klayman & Toskes seek
damages as a result of brokerage firms’ misrepresentations and
omissions, breach of fiduciary duty, breach of contract, fraud,
constructive fraud, negligence and gross negligence, violation of NASD
and NYSE rules, violation of state securities laws, and violation of
The Securities Exchange Act of 1934.

Many investors of Auction Rate Securities did not envision the scenario
in which they would have to retain the services of an attorney to
withdraw their money. Unfortunately, however, to the extent investors
cannot liquidate their Auction Rate Securities on the secondary markets
that have opened up, it appears that legal action is necessary if
investors are to see a return of their money in the near future. In
that regard, Klayman & Toskes reminds investors of the benefits of
filing an individual arbitration claim, as opposed to participating in
a class action lawsuit. By participating in a class action lawsuit, an
investor will most likely recover only pennies on the dollar. In 2003,
Klayman & Toskes conducted a study of securities arbitration versus
class action. The study concluded that investors who file a securities
arbitration claim may obtain an overall higher rate of recovery as
opposed to participating in a class action lawsuit. To view the full
results of the comparison, please visit our web-site:

Klayman & Toskes continues to file arbitration claims on behalf of
numerous investors who no longer have access to their money invested in
Auction Rate Securities, as well as those who have realized losses
following the sale of their Auction Rate Securities on the secondary
markets. If you invested $500,000 or more in Auction Rate Securities,
including Nuveen Auction Rate Securities, from SunTrust, Wachovia, Banc
of America, UBS, or other brokerage firm, or if you have information
relevant to our claims, please contact Steven D. Toskes, Esquire or
Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956.
You may also visit us on the web at

Klayman & Toskes, P.A., an experienced and nationally recognized
securities litigation law firm, continues its representation of
investors throughout the world in securities arbitration and litigation
matters against major Wall Street brokerage firms.

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