Notice to All Investors of AIG Junior Subordinated Debentures, Series A-5 From the Securities Law Firm of Klayman & Toskes
21 Oktober 2008 - 6:12PM
Marketwired
The Securities Law Firm of Klayman & Toskes, P.A.,
www.nasd-law.com, announced today that a class action lawsuit, Case
No. 08-cv-08659, has been filed against several underwriters in
connection with the issuance of American International Group (NYSE:
AIG) Junior Subordinated Debentures, Series A-5 ("AIG Junior
Debentures A-5"). These underwriters include:
-- Banc of America Securities (NYSE: BAC)
-- Bear Stearns n/k/a JPMorgan Chase (NYSE: JPM)
-- Citigroup Global Markets (NYSE: C)
-- Merrill Lynch (NYSE: MER)
-- Morgan Stanley (NYSE: MS)
-- RBC Capital Markets (NYSE: RBC)
-- UBS Securities (NYSE: UBS)
-- Wachovia Capital Markets (NYSE: WB)
-- Wells Fargo Securities (NYSE: WFC)
Potential class members who purchased AIG Junior Debentures A-5
from these underwriters should consider whether they should
participate in the class action or file an individual securities
arbitration claim.
According to the Complaint, the Prospectus issued by AIG for its
Junior Debentures A-5 contained misstatements and omissions. It is
alleged that the Prospectus failed to disclose that AIG was
laboring under several adverse factors including the following: (i)
AIG did not have a relatively small exposure to loss associated
with credit swaps sold by certain variable interest entities; (ii)
AIG's exposure to loss associated with credit protection assumed by
AIG Financial Products Corp. and AIG Trading Group Inc., including
their respective subsidiaries on portfolios of loans or debt
securities was not remote, even in severe recessionary market
scenarios; and (iii) AIG's financial statements and financial
information, as contained in and incorporated by reference into the
Prospectus, were not presented in conformity with Generally
Accepted Accounting Principles.
The Complaint further alleges that the defendant-underwriters
could have and should have discovered AIG's misstatements and
omissions contained in the Prospectus before it was filed with the
SEC and distributed to the investing public. The
defendant-underwriters were required to conduct due diligence of
the risks associated with the AIG Junior Debentures A-5, as well as
the accuracy of the information contained in the Prospectus.
Further, brokers and financial advisors may have purchased an
unsuitable amount of AIG Junior Debentures A-5 in their clients'
accounts, thereby creating a significant over-concentration.
Over-concentration exists when 10% or more of the investment
portfolio is invested in a single security or sector.
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.
However, if one has lost $250,000 or more in AIG Junior Debentures
A-5, it may be more beneficial for them to file an individual
securities arbitration claim. In 2003, Klayman & Toskes
conducted a detailed study of securities arbitration versus class
action. The study concluded that investors who file a securities
arbitration claim traditionally 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:
http://www.nasd-law.com/documents/classvr.pdf
The attorneys at the Law Firm of Klayman & Toskes are
dedicated to aggressively pursuing claims on behalf of investors
who have suffered significant losses. Klayman & Toskes, 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 lost $250,000 or more in AIG Junior Debentures A-5 and
you wish to discuss your legal options at no obligation, 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 http://www.nasd-law.com.
Contact: Steven D. Toskes, Esquire Jahan K. Manasseh, Esquire
Klayman & Toskes, P.A. 888-997-9956 http://www.nasd-law.com
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