NEW YORK--([ BUSINESS WIRE ])--The Securities Arbitration Law Firm of Klayman & Toskes (aK&Ta), [ www.nasd-law.com ], announced today that it filed a claim against LPL Financial to recover losses sustained in Inland Western Real Estate Investment Trust n/k/a Retail Properties of America (NYSE: RPAI) (aInland Western REITa). The claim was filed with the Financial Industry Regulatory Authority (aFINRAa), and seeks damages of $283,000. This latest filing also includes Summit Brokerage Services as a Respondent.
According to the claim, the Claimants are retirees who invested with their advisor who was registered with LPL and then Summit. The Claimants were clear in their instructions to their advisor that they wanted a Certificate of Deposit like investment with characteristics of safety of principal and some return. The advisor explained that the Inland Western REIT was the next safest thing to a CD and principal would be returned when an IPO was executed in about two to three years. When the Claimants were concerned and wanted to exercise their right to sell their shares through the Inland Western REIT Stock Repurchase Plan, the advisor did not react in a timely manner and consequently the Inland Western REIT stock repurchase program was terminated before they were able to sell their shares. Further, the Claimantsa advisor made misrepresentations in the recommendation, sale and updates regarding the Inland Western REIT, specifically misrepresenting the risk and liquidity of the Inland REIT. As a result, Claimants sustained substantial losses.
Investors who purchased Inland Western or other REITs from LPL Financial, Summit or other FINRA brokerage firms can contact K&T to explore their legal rights and options. K&T is presently pursing claims on behalf of investors who sustained losses by purchasing REITs including Inland American REIT, Apple REITs sold by David Lerner Associates, AmREIT, Behringer Harvard REITs, Cornerstone Core Properties REIT, and Wells REITs.
K&T, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.
If you wish to discuss this announcement or lost $250,000 or more by purchasing REITs from a brokerage firm, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956, or visit us on the web at [ www.nasd-law.com ].