Law firm says suing Merrill Lynch over options

March 28, 2006
Reuters

NEW YORK, March 28 (Reuters) – Klayman & Toskes, P.A., a law firm, said on Tuesday it was suing Merrill Lynch and other brokerage firms for allegedly giving bad investment advice to a former Microsoft employee, who lost $1 million from his company stock option investments.

Merrill Lynch recommended the employee borrow money to buy Microsoft shares under the technology company’s stock option program, resulting in the employee maintaining a concentrated position in a single stock, the law firm said.

The lawsuit is before the NASD, the firm said.

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