      |
|
Recent Cases: Retirees recover for unsuitable overconcentration in technology funds. |
In July of 2000, Mr. and Mrs. Oellerich turned over their retirement savings from their employer to Merrill Lynch. Their broker was Joseph B. Harris, the branch manager of Merrill's Augusta, Georgia branch office. One year later, the Oellerichs' retirement account had lost over a third of its value. Unfortunately, virtually all of the Oellerichs' retirement savings had been invested by Merrill Lynch in technology stocks such as JDS Uniphase and Sun Microsystems, and technology mutual funds, such as the Dreyfus Premier Technology Fund, at a time when the technology sector was rapidly declining in value and was the subject of much skepticism and foreboding. Moreover, the mutual funds were all class "B" shares, which subjected the investments to the highest costs and commissions. The arbitrators awarded the Oellerichs $62,714 in actual damages. The case was handled by Ed Dovin, Sandra Malkin and co-counsel from Augusta, Robert Hagler. |
|
|