SOURCE: Tramont, Guerra & Nunez, P.A.

October 21, 2008 08:00 ET

The Securities Law Firm of Tramont, Guerra & Nunez, P.A. Announces Major Wall Street Firms Named in the American International Group Junior Subordinated Debentures Series A5 Class Action Lawsuit

CORAL GABLES, FL--(Marketwire - October 21, 2008) - The Securities Law Firm of Tramont, Guerra & Nunez, P.A. (TGN) announces that major Wall Street firms were named in the American International Group Junior Subordinated Debentures Series A5 class action lawsuit (Case No. 08 CV 8659) filed October 9, 2008. American International Group (NYSE: AIG) issued through a public offering ("Offering") on December 11, 2007, a 7.70% Junior Subordinated Debentures through a syndication of underwriters which included: Citigroup Global Markets (NYSE: C), Merrill Lynch (NYSE: MER), Morgan Stanley (NYSE: MS), UBS Securities, (NYSE: UBS), Wachovia Capital Markets (NYSE: WB), Banc of America Securities (NYSE: BAC), RBC Capital Markets (NYSE: RBC), Wells Fargo Securities (NYSE: WFC) and Bear Stearns (not trading). The class action filed on behalf of investors alleges that American International Group, certain officers and directors, and the Wall Street underwriters of the Offering made representations in the Offering Prospectus that were "materially false and misleading," which class members relied upon to their detriment.

The Wall Street firms which were involved with the underwriting of the public offerings are obligated to conduct due diligence of facts concerning the risks associated with the investment. Furthermore, investors are entitled to rely upon brokerage firms for competent, suitable investment advice in accordance with the Financial Industry Regulatory Authority (FINRA) Rules and Regulations. The recommendation of unsuitable investments and concentration in a particular security or sector are both sales practice violations which qualify for damages from a security arbitration claim filed with the Financial Industry Regulatory Authority (FINRA). In some cases, shareholders must "opt-out" as a class member in order to pursue a securities arbitration claim, otherwise this legal option is not available.

The Securities Law Firm of Tramont, Guerra & Nunez, P.A. is a Martindale Hubbell "AV" Rated, bilingual law firm located in Coral Gables, Florida. To request a confidential consultation from a TGN attorney concerning losses that were the result of sales practice violations in a full service brokerage account, contact us on our website at http://www.stockmarketlosslawyer.com/securities-concentration.htm. To speak directly with an attorney, call (800) 578-0137 and ask for David Chacin, Esquire.

Destination URL http://www.stockmarketlosslawyer.com/press-releases/class-action-lawsuits-aig.htm

Contact Information

  • Contact:
    David Chacin, Esquire
    2100 Ponce De Leon Blvd, Penthouse II
    Coral Gables, Florida 33431
    (800) 578-0137

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